Level Up Bookstore

Income Statement for the year ended 31 December 2019

RM RM RM
Sales 643,570.00
Net Sales 643,570.00

Less : Cost of Sales

Opening Stock -
Purchases 156,800.00
Minus : Purchases
Return 8,800.00
Net Purchase 148,000.00
Add: Carriage
inwards 600.00
Cost of goods
sold 148,600.00
Minus : Closing
Stock 15,680.00
Cost of sales 132,920.00
Gross Profit 510,650.00
Add : Other Revenue
Commission
received 6,100.00
516,750.00
Minus : Expenses
Rental 5,000.00
Utilities 620.00
Depreciation on
Furnitures 2,250.00
Depreciation on
Machinery 2,400.00
Provision of
doubtful debts 350.00
Salaries(20000-
820) 19,180.00 29,800.00
Net Profit 486,950.00
 Level Up Bookstore
Profit Appropriation Account for the year ended 31 December 2019
RM RM RM

Net Profit 486,950.00

Add: Interest On Drawings

Peter ( 400+400 x 10% ) 80.00

487,030.00
Minus : Interest on capital

Peter ( 95,000 x 5% ) 1,600.00

Susan (30000x4%) 1,200.00

Peggy ( 100,000 x 5% ) 1,200.00 4,000.00

Partnership salary

Peggy 12,000.00

Susan 11,000.00 23,000.00 27,000.00

460,030.00
Residual Loss

Peter ( 460,030.00 x 4/10 ) 184,012.00

Peggy (460,030.00 x 3/10) 138,009.00

Susan ( 460,030.00 x 3/10 ) 138,009.00

460,030.00
 Current
Account Peter
Date Particulars Total Tarikh Particulars Total
2018 RM 2018 RM
Dec 31 Drawings 800.00 Dec 31 Interest on capital 1,600.00
Interest on drawings 80.00 Residual Profit 184,012.00
Balance c/d 184,732.00
185,612.00 185,612.00

2019
Jan 1 Balance b/d 184,732.00

Current
account Peggy
Date Particulars RM Date Particulars Total
2018 2018 RM
Dec 31 Balance c/d 151,209.00 Dec 31 Partnership salary 12,000.00
Interest on capital 1,200.00
151,209.00 Residual Profit 138,009.00
151,209.00
2019
Jan 1 Balance b/d 151,209.00

Current
account Susan
Date Particulars RM Date Particulars Total
2018 2018 RM
Dec 31 Balance c/d 150,209.00 Dec 31 Partnership salary 11,000.00
Interest on capital 1,200.00
150,209.00 Residual Profit 138,009.00
150,209.00
2019
Jan 1 Balance b/d 150,209.00