Gama Enterprise Statement of Profit or Loss for the year ended 30 June 2020 RM RM Sales Less: Return inwards Discount allowed RM 310.000 (3000) (3.000) 303.400 Net sales Less: Costs of sales Opening inventory Purchases Less: Return outwards Discount received Duty on purchases Cost of goods available for sales Less: Closing inventory Cost of sales Gross profit 100,000 132,800 (2.000) (4.800) 120,000 800 226.800 174,080 (152,120) 151,280 Add: Revenues Rent received Dividend on investment 5.000 2.800 8.400 Less: Expenses Carriage outwards Repairs and maintenance Electricity and water Salaries and wages Printing and stationery Interest on loan Bad debts Insurance Advertising Depreciation expense Office equipment Motor vehicles 10,200 8.400 7,630 17.000 1,500 5.000 1.200 4.800 1.800 500 8.000 172.000 87,590 Net profit Gama Enterprise Statement of Financial Position as at 30 June 2020 Non-current Assets: Freehold premises Office equipment Motor vehicles RM RM RM Cost Acc. Deon. CV 300,000 300.000 10,000 (1.250) 8.750 80,000 (15,000) 65.000 373,750 Investments 58.000 Current Assets: Inventory Accounts receivable (Net) Cash at bank Accrued rent received Prepaid electricity and water Prepaid advertising 74.680 95,800 12.600 1.800 1,200 800 188,880 616,630 404,950 Total equity Non-current Liabilities: 5% loan from Sejahtera Benk 100.000 Current Liabilities: Accounts payable Accrued printing and stationery Acorued interest on loan Accrued repairs and maintenance 104.000 280 5.000 2.400 111.880 616,630 Gama Enterprise Statement of Profit or Loss for the year ended 30 June 2021 RM RM RM Sales Less Retum inwards Discount allowed 420,000 (3,800) (4.500) 411,900 Net sales 120.000 159,360 (2.400) (5.760) 151,200 Less: Costs of sales Opening inventory Purchases Less: Return outwards Discount received Duty on purchases Cost of goods available for sales Less: Closing inventory Cost of sales Gross profit 980 272.100 (89,800 (182,500) 229,340 Add: Revenues Rent received Dividend on investment 6.720 3,500 10.220 Less Expenses Carriage outwards Repairs and maintenance Electricity and water Salaries and wages Printing and stationery Interest on loan Bad debt Insurance Advertising Depreciation expenses Office equipment Motor vehicles 19.440 10.080 9.100 20,400 1,870 5.000 1.350 5.300 2.500 500 8.000 (83.540) 156,020 Net profit Gama Enterprise Statement of Financial Position as at 30 June 2021 Non-current Assets Freehold premises Office equipment Motor vehicles RN RM RM Cost Acc. Deon CV 300,000 - 300,000 10.000 (1.750) 8.250 80,000 (23,000) 57.000 385,250 Investments 70.000 Current Assets Closing Inventory Accounts receivable (net) Cash at bank Accrued dividend recieved Prepaid electricity and water Prepaid advertising 89.800 108.980 22,500 2.000 500 1,200 224,760 660,010 428.480 Total equity Non-current Liabilities: 100.000 5% loan from Sejahtera Bank 122 200 350 Current Liabilities: Accounts payable Accrued printing & stationery Accrued interest on loan Accrued repairs and maintenance 5.000 4.000 131550 660,010 Additional Information: 1. Assume there are 385 days in a year. 2. For year ended 30 June 2020, 85% of revenues were credit sales whereas for year ended 30 June 2021. 40% of revenues were cash sales. Required: Based on the financial statements for the year ended on 30 June 2020 and 2021 given, you are required to: 2. Calculate for both years: iv. V. vi vil Net profit margin Return on investment Inventory turnover ratio Average collection period (30 marks)
