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I believe it reads ...

Margaret Little spouse koto Alexander Lockie in Langholme
died had the neu mortcloath (= new mortcloth)

The date is probably 15 Jan(uar)y 1740.

(The month clearly ends in y. It can't be May because the last day of the previous month is the 31st. There appears to be no ascender before the y that might indicate the b of February or the l of July -- which leaves only January. A sight of the other dates on the page might clarify.)

For mortcloth, see ...
http://www.dsl.ac.uk/entry/snd/mort

Margaret Little spouse to Alexander Lockie in Langholme ....

Awesome that's what I was hoping for.
died had the (no-)? mortcloath

( presumably morthcloth)

Once again I would look to other burials on the page to see the wording as some may be clearer.

It looks like it says Margaret Little sponsor to Alexander Lockio..... Langholme

The date is difficult to make out as the margin is rather dark.  I can see the figure 31 above the name.

Where does this snippet come from?  Is it something that you found online?