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.
Trading and Profit and Loss Account for the year ended 31 September 20×9
|Less Sales returns|
|Less:Cost of Goods sold|
|Less Purchases Returns|
|Add Carriage Inwards|
|Less Closing Stock|
|Salaries and Wages||61400|
|Lighting and heating||894|
- 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.