Trading and Profit and Loss Account for G Muasandu. Image credit fidato.ca
ZIMSEC O Level Principles of Accounts 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 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 Principles of Accounts Notes.
