Sample Income Statement, Balance Sheet and Statement Of Changes In Equity Of Partnership

by kclim on June 6, 2009

A, B & Co.
Income Statement For The Year Ended 30 June 2009
 RM 
Revenue   595,000
Cost of sales -195,490
Gross profit   399,510
Other operating income
Interest income                2,560
Distribution, administrative and other expenses
Carriage outward           -  25,897
Advertising and promotions           -    8,912
Water and electricity           -    5,612
Telephone and faxes           -    4,316
Salaries, allowances and overtime           -  81,091
Printing and stationery           -    1,253
Insurance           -    6,823
Depreciation of property, plant and equipment           -  32,686
            -166,590
Finance costs
Interest on borrowings           -    5,248
Net profit for the year   230,232
             
Balance Sheet As At 30 June 2009
 RM 
ASSETS
Non-current assets
Property, plant and equipment             525,000
Current assets  
Inventories              55,148
Trade receivables              85,643
Other receivables              15,846
Cash and cash equivalents              68,989
              249,664
Total assets   750,626
EQUITY AND LIABILITIES
Equity
Capital accounts             250,000
Current accounts             176,319
              426,319
Non-current liabilities
Long-term borrowings             150,000
Current liabilities  
Trade payables              58,464
Other payables              65,843
Current portion borrowings              50,000
              174,307
Total liabilities   324,307
Total equity and liabilities   750,626
             
Statement Of Changes In Equity For The Year Ended 30 June 2009
 Capital Accounts   Current Accounts 
 Partner A   Partner B   Partner A   Partner B   Appropriation   Total 
 RM   RM   RM   RM   RM   RM 
Balance as at 1 July 2008   100,000    150,000 -     8,546     94,633            -   336,087
Net profit for the year             -              -              -              -  230,232   230,232
Partners’ salaries             -              -     50,000     80,000 -130,000           -  
Interest on capital             -              -     10,000     15,000 - 25,000           -  
Drawings             -              - -   60,000 -   80,000   -140,000
Interest on drawings             -              - -     6,000 -     8,000    14,000           -  
Partners’ share of profit             -              -     35,693     53,539 - 89,232           -  
Balance as at 30 June 2009   100,000    150,000     21,147    155,172            -   426,319
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Tagged as: Parnership accounts, Sample Partnership Balance Sheet, Sample Partnership Changes In Equity, Sample Partnership Income Statement

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