FAQ - Unappropriated Profit /Loss

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Question : Why is there a message to say "Sorry, there can only be one Unappropriated P/L a/c"
                  When I try to create for my department 2 ?

 

Answer : There can only be one unappropriated Profit and Loss account in your balance sheet regardless of the number of departments (or outlets) accounts you may have in your overall company financial statement.

 

 

 
Unappropriated Profit and Loss ( also sometimes known as Retained Earnings ) forms part of the Equity in the Balance Sheet, reflecting the cumulative profit or loss from the first year of business operation until the last financial year, not including the current financial year profit and loss.

Sunshine Pte Ltd (Before Amendment)

                       Balance Sheet as at _ _ /_ _/ 201X        

LONG TERM ASSETS :

COST

Accum. Depn

NetValue

FURNITURE & FITTINGS

50,000

30,000

20,000.00

RENOVATION

20,000

15,000

5,000.00

TOTAL LONG TERM ASSETS

70,000

45,000

25,000.00

 

 

 

 

INTANGIBLE ASSET :

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

   Bank – OCBC (SGD)

1200.00

 

 

   Bank -  OCBC (USD)

17,300.00

 

 

   Deposit Rental

10,000.00

 

 

   Petty Cash

200.00

 

 

   Trade Debtors Control

77885.05

 

 

Total Current Assets

 

 

106,585.00

 

 

 

 

Less:

 

 

 

 

 

 

 

Current Liabilities [F00]

 

 

 

   Accruals

2385.78

 

 

   Other Creditors / Debtor

(300P.00)

 

 

   Owing to Director – A

50,000.00

 

 

   Owing to Director – B

50,000.00

 

 

Total Current Liabilities

 

 

102,085.78

 

 

 

 

Net Current Assets

 

 

 

 

 

 

 

Total Net Worth

 

 

29,499.80

 

 

 

 

Financed by:

 

 

 

 

 

 

   Share Capital

 

10,000.00

 

  Unappropriated P&L

 

19,499.80

 

Capital Employed

 

 

29,499.80

 

If you start your business from July 2003 until today ( Sep 2009), the cumulative unappropriated profit and loss will be from July 2003 to March 2009 (year ended March of every year) and current profit and loss will be from April 2009 to September 2009.

 


Related Topics

Financial year setting

 

Important accounts

 

Year end closing

 

 

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