Trading and Profit and Loss Account for G Muasandu. Image credit fidato.ca

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

 $$$
Sales380400
Less Sales returns

(1540)

378860
Less:Cost of Goods sold
Opening Stok41600
Add Purchases188430
Less Purchases Returns

(3410)

185020
Add Carriage Inwards

3700

230320
Less Closing Stock

(44780)

(185540)

Gross Profit193320
Less Expenses
Salaries and Wages61400
Carriage outwards2100
Insurance1356
Motor expenses1910
Office expenses412
Lighting and heating894
Warehouse rent3700
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.

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