Departmental note
Ling
Departmental Income Statement
For The Year Ended 31 December 2017
Department X Department Y Total
RM RM RM RM RM RM
Sales XX XX XX
Less: Return Inwards (XX) (XX) (XX)
XXX XXX XXX
Less: Cost of Sales
Opening Inventory XX XX XX
Purchases XX XX XX
Less: Return Outwards (XX) (XX) (XX)
XXX XXX XXX
Carriage Inwards XX XX XX
XXX XXX XXX
Transfer XX (XX) --
Less: Closing Inventory (XX) (XXX) (XX) (XXX) (XX) (XXX)
Gross Profit XXX XXX XXX
Less: Expenses
Advertising XX XX XX
Salesmen salaries XX XX XX
Insurance XX XX XX
General Expenses XX XX XX
Electricity XX XX XX
Carriage Outwards XX XX XX
Bad Debts XX XX XX
Depreciation of furniture and fittings XX (XXX) XX (XXX) XX (XXX)
Net Profit XXX XXX XXX
XXX
Statement of Financial Position
As At …………
Cost Accumulated Carrying
Depreciation Amount
Non Current Assets RM RM RM
Premises XX (XX) XX
Motor Vehicles XX (XX) XX
Furniture XX (XX) XX
XXX (XXX) XXX
Current Assets
Inventory – Department X XX
- Department Y XX XXX
Account Receivable XX
Less: Allowance for doubtful debts (XX) XXX
Accrued Income XX
Prepaid Expenses XX
Bank XX
Cash XX XXX
Total Assets XXX
Owner’s Equity
Opening Capital XX
Add: Net Profit/ Less: Net Loss XX
XXX
Less: Drawings (XX)
Closing Capital XXX
Non Current Liabilities
Mortgage Loan XX
Current Liabilities
Account Payable XX
Bank Overdraft XX
Accrued Expenses XX
Revenue Received in advance XX XXX
Total Liabilities XXX
Total Equity and Liabilities XXX
