ABC Trading Income Statement for the year ended 31 December 2006 RM RM RM

Sales Less: Sales returns/return inwards Net sales Less: Cost of goods sold Opening inventory Purchases Less: Purchases returns/return outwards Carriage inwards Duty on purchase Insurance on purchase Cost of goods available for sale Less: Closing inventory Gross Profit (Loss) Add: Revenues Discount received Rent received Commission received Interest received Less: Operating expenses Salary and wages Insurance Printing and stationary Rent expense Discount allowed Interest expense Repairs expense Carriage outwards Net Profit (Loss)

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ABC Trading Balance Sheet as at 31 December 2006 RM Cost XXX XXX XXX XXX XXX RM Accumulated Depreciation XXX XXX XXX XXX XXX RM Net Book Value XXX XXX XXX XXX XXX XXX

Non-Current Assets Land and building Fixtures and fittings Office equipment Machinery Motor Vehicles Current Assets Closing inventory Accounts receivable Less: Allowance for doubtful debt Cash at bank Cash in hand Prepaid expenses Accrued revenues

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Financed by: Owners Equity Capital as at 1/1/2006 Add: Net Profit (Loss) Less: Drawings Capital as at 31/12/2006 Non-Current Liabilities Long term loan Mortgage on premises Current Liabilities Loan Bank overdraft Accounts payable Accrued expenses Revenues received in advance

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