COMPARISON METHOD Formula Equation Asset = Liabilities + Owner's Equity Capital - Asset - Liabilities Net profit/loss Ending Capital - Beginning Capital Net profit/loss Ending Capital + Drawing - Additional Capital - Beginning Capital 1T-Format Capital Account Drawing Balance bd Net loss Additional capital Balance Net profit Balance bid Statement Format Prolit Loss statement for the entended Ending Capital (*) Drawing RM - Additional Capital Beginning Capital Net profit/loss a - Total drawing transferred to capital accounts at the end of you b-Ending capital transferred to next year c- Beginning capital brought from last year d-Additional capital at the said dute Calculating Beginning Capital & Ending Capital Beginning Capital - Total Beginning Asset - Total Beginning Liabilities Ending Capital = Total Ending Asset - Total Ending Liabilities Capital Capital JAN (RM) Dec Maamal Total Verprete Capital Drawing ERM RMCRM IL LI 600 MO 15.750 in. 45.000 21 35.00 SEO 32.000 47,70 3600 21,100 4 20 2.400 2.300 A330 9.990 6.50 10,710 12.00 NE Find total net profit/loss by using: Formula Equation -T-Format Statement Format Lima Trading act and its 1 Dimber 2007 af Asset & Lilly RN . BONGO 145 9. Laurie Ime Recente con Payable Cash Rank Owendet Prepaid Expenditure Aired Propol Income Accedi ES 315 Additional Info 1) Vis is deprecated ) Equipment and furniture e deprecated at 10% bisher for dette. Ale h Capital on 1 Jan (RM) Capital on Additional 31 Dec Capital (RM) (RM) Total Drawings (RM) Net profit loss (RM) - 17320 550 i. . I. V VI. 12.000 X 21.000 5.600 30 2000 1.450 7.760 36,400 21.100 X 100 X 5.750 X 0 710 1.000 4.000 400 0 1.320 950 X 15.400 X 3.120 8.550 Find total net profit/loss by using: i) Formula Equation ii) T-Format ii) Statement Format b) En Halim is a retailer who does not keep his business records according to the double entry system. From the available records, the following information was retrieved: Details On 31 Dec 2006 On 31 Dec 2017 Cash 750 1.2.10 Bank 4.500 3.250 Account Receivable 11.250 10.560 Inventures 2.790 3,450 Vehicle 15,000 15.000 Account Payable 8,670 7.400 Accrued General Expenses 300 360 En Halim needs help in determining his operation result for the year ended 31 December 2007 and the following information was also given: D) Bad debt of RM500 had occurred but was not recorded in the business record ii) En Halim withdrew cash RM6,000 to pay for his child's education fee iii) New equipment was bought at the end year 2007 at the price of RM560 and was not recorded in the business record iv) En Halim suggested that his business vehicle to be depreciated at 10% annually You are required to: Calculate the business profit for the year ended 31 December 2007 COMPARISON METHOD Formula Equation Asset = Liabilities + Owner's Equity Capital - Asset - Liabilities Net profit/loss Ending Capital - Beginning Capital Net profit/loss Ending Capital + Drawing - Additional Capital - Beginning Capital 1T-Format Capital Account Drawing Balance bd Net loss Additional capital Balance Net profit Balance bid Statement Format Prolit Loss statement for the entended Ending Capital (*) Drawing RM - Additional Capital Beginning Capital Net profit/loss a - Total drawing transferred to capital accounts at the end of you b-Ending capital transferred to next year c- Beginning capital brought from last year d-Additional capital at the said dute Calculating Beginning Capital & Ending Capital Beginning Capital - Total Beginning Asset - Total Beginning Liabilities Ending Capital = Total Ending Asset - Total Ending Liabilities Capital Capital JAN (RM) Dec Maamal Total Verprete Capital Drawing ERM RMCRM IL LI 600 MO 15.750 in. 45.000 21 35.00 SEO 32.000 47,70 3600 21,100 4 20 2.400 2.300 A330 9.990 6.50 10,710 12.00 NE Find total net profit/loss by using: Formula Equation -T-Format Statement Format Lima Trading act and its 1 Dimber 2007 af Asset & Lilly RN . BONGO 145 9. Laurie Ime Recente con Payable Cash Rank Owendet Prepaid Expenditure Aired Propol Income Accedi ES 315 Additional Info 1) Vis is deprecated ) Equipment and furniture e deprecated at 10% bisher for dette. Ale h Capital on 1 Jan (RM) Capital on Additional 31 Dec Capital (RM) (RM) Total Drawings (RM) Net profit loss (RM) - 17320 550 i. . I. V VI. 12.000 X 21.000 5.600 30 2000 1.450 7.760 36,400 21.100 X 100 X 5.750 X 0 710 1.000 4.000 400 0 1.320 950 X 15.400 X 3.120 8.550 Find total net profit/loss by using: i) Formula Equation ii) T-Format ii) Statement Format b) En Halim is a retailer who does not keep his business records according to the double entry system. From the available records, the following information was retrieved: Details On 31 Dec 2006 On 31 Dec 2017 Cash 750 1.2.10 Bank 4.500 3.250 Account Receivable 11.250 10.560 Inventures 2.790 3,450 Vehicle 15,000 15.000 Account Payable 8,670 7.400 Accrued General Expenses 300 360 En Halim needs help in determining his operation result for the year ended 31 December 2007 and the following information was also given: D) Bad debt of RM500 had occurred but was not recorded in the business record ii) En Halim withdrew cash RM6,000 to pay for his child's education fee iii) New equipment was bought at the end year 2007 at the price of RM560 and was not recorded in the business record iv) En Halim suggested that his business vehicle to be depreciated at 10% annually You are required to: Calculate the business profit for the year ended 31 December 2007
