Fluent Essays

This subject covers basic understanding of accounting and finance concepts. The subject aims to equip students with basic knowledge and skills to: • read, understand and interpret basic financial statements. • explain the main sources and allocation of funds for a business enterprise.PRINCIPLES OF ACCOUNTING & FINANCE 2) Assignment Submission · All answers should be typewritten using Arial size 12 in the solution templates provided. 3) Plagiarism is an academic offence and disciplinary action will be taken for plagiarism. FULL NAME DIPLOMA / GROUP (E.g. DPSS 1) Please key in your admin number in the table Admin No. 1st 2nd 3rd 4th 5th 6th 7th Alpha Marks Question 1 20 Question 2 20 Question 3 30 Question 4 30 TOTAL 100 Full Name of Student Admin No. Date Question 1 (20 marks) Fausi started FitnessPro Pte Ltd on 1 July 2021. The company sells a wide range of health equipment and conducts personal training sessions. The retail shop is located at Tampines and the office is at Ubi. Fausi prepared the following Profit and Loss Statement and Balance Sheet for the company after 12 months of operations and thinks that there are errors in the statements. He needs your assistance to check and prepare the corrected classified Profit and Loss Statement and Balance Sheet. Fausi Profit and Loss Statement as at 30 June 2022 $ $ $ Sales Revenue 120,000 Accrued Revenue 4,000 Personal Training Fees Revenue 35,000 Gross Profit 159,000 Less: Operating Expense Selling Expense Salaries Expense (refer to Note 1) 40,000 Accrued Expense 2,000 42,000 General and Administrative Expense Interest Expense 3,700 Rent Expense (refer to Note 2) 36,000 Shares in Singtel 10,000 Delivery Van Expense 4,000 Depreciation – Delivery Van 3,000 56,700 Financial Expense Prepaid Expense 3,100 Bank Charges 400 Telephone Expense 2,000 5,500 104,200 Net Profit 54,800 Fausi Balance Sheet for the year ended 30 June 2022 Equity $ $ $ Capital 55,000 Add: Net Profit 54,800 Less: Drawings 6,000 103,800 Represented by: Current Assets Cash at Bank 17,600 Inventories 38,000 Accounts Payable 12,350 Delivery Van 30,000 Add: Accumulated Depreciation – Delivery Van 9,000 39,000 106,950 Less: Current Liabilities Loan from BOA (due 1 Jul 2024) 40,000 Accounts Receivable 21,050 61,050 Working Capital 45,900 Non-Current Assets Cost of Goods Sold 60,500 Unearned Revenue 01A N N U A L R E P O R T 2021 A N N U A L R E P O R T 2 0 2 1 K I M LY L I M I T E D02 Content 02 CORPORATE PROFILE 03 OUR BUSINESSES 04 OUR NETWORK 05 MILESTONES 07 MESSAGE TO SHAREHOLDERS 17 BOARD OF DIRECTORS 19 KEY MANAGEMENT 22 FINANCIAL HIGHLIGHTS 24 FINANCIAL REVIEW 27 CORPORATE INFORMATION This annual report has been reviewed by the Company’s Sponsor, PrimePartners Corporate Finance Pte. Ltd. (the “Sponsor”). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the Exchange) and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the Sponsor is Mr. Joseph Au, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, [email protected] sg. Corporate Profile Kimly Limited (the “Company” or “Kimly”, and together with its subsidiaries, the “Group”) is one of the largest traditional coffeeshop operators in Singapore with more than 30 years of experience. The Group operates and manages an extensive network of 85 food outlets under “Kimly”, “foodclique” and a third party brand, 139 food stalls comprising Mixed Vegetable Rice, Teochew Porridge, Dim Sum, Seafood “Zi Char”, Kanaaji Japanese Tonkatsu, two Tonkichi restaurants and seven Rive Gauche confectionery shops. While keeping to the heritage of a traditional coffeeshop that provides affordable food for all, Kimly is also constantly modernising to keep up with the times and changing consumer trends, through digitalisation, strengthening the operations and upscaling capabilities. All its food retail products are currently available for online ordering through Deliveroo, Foodpanda, GrabFood and Oddle. The Group continues to proactively extend its footprints and revenue streams through suitable merger and acquisition (“M & A”) projects. The Company was successfully listed on Catalist of the SGX-ST on 20 March 2017. K I M LY L I M I T E D02 03A N N U A L R E P O R T 2021 OUTLET MANAGEMENT DIVISION Under our Outlet Management Division, the Group operates and manages 67 coffeeshops, and seven industrial canteens, and two food courts under the “foodclique” brand. With our proven and established track record as a food outlet operator, we have been able to attract quality and anchor tenants with whom we have forged strong longstanding relationships. As at the date of this report, Kimly maintained a healthy occupancy rate of 98\% for a total of 680 stalls within our managed food outlets. FOOD RETAIL DIVISION Catering to a broad and varied customer base and supported by our Central Kitchen, the Group’s 139 food stalls, two Tonkichi restaurants and seven Rive Gauche confectionery shops under our Food Retail portfolio comprises: Our Central Kitchens supply sauces, marinades, pastries and semifinished food produc