Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items
- This is a solution to the question here.
G Musandu
Trading and Profit and Loss Account (Income Statement) for the year ended 31 September 20×9
| $ | $ | $ | |
|---|---|---|---|
| Sales | 380400 | ||
| Less Sales returns | (1540) | ||
| 378860 | |||
| Less:Cost of Goods sold | |||
| Opening Stok | 41600 | ||
| Add Purchases | 188430 | ||
| Less Purchases Returns | (3410) | ||
| 185020 | |||
| Add Carriage Inwards | 3700 | ||
| 230320 | |||
| Less Closing Stock | (44780) | ||
(185540) |
|||
| Gross Profit | 193320 | ||
| Less Expenses | |||
| Salaries and Wages | 61400 | ||
| Carriage outwards | 2100 | ||
| Insurance | 1356 | ||
| Motor expenses | 1910 | ||
| Office expenses | 412 | ||
| Lighting and heating | 894 | ||
| Warehouse rent | 3700 | ||
| General Expenses | 245 | ||
(72017) |
|||
| Net Profit | 121303 |
- Sales returns and Returns inwards are the same thing
- Purchases returns and Returns outwards are the same thing
- Carriage inwards are dealt with in the Trading Account while
- Carriage outwards are dealt with in the Profit and Loss Account section of the Trading and Profit and Loss Account
To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes.
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