Tuesday 9 January 2018

ACCOUNTS 1


Prepare a profit and loss account for the year ended 31ST May, 2011 from the following balances:
Transport     sh. 64,000
Advertising Sh. 55,000
General expenses sh 35,000
Sundry expenses sh 4,000
Interest received sh. 32,000
Carriage sh 32,000
Gross profit  sh 122,000

Solution

Dr     PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED ON 31TH, MAY-2011      Cr
Particulars
Folio
Amount
Particulars
Folio
Amount
Transport   
Advertising
General expenses
Sundry expenses
Carriage

64,000
55,000
35,000
4,000
32,000
Gross profit
Interest received
Net Loss
b/d
122,000
32,000
36,000




190,000


190,000


TRY THIS………..


Prepare a profit and loss account for the year ended 31ST July, 2015 from the following balances:
Transport     sh. 70,000
Advertising Sh. 55,000
General expenses sh 36,000
Sundry expenses sh 7,000
Interest received sh. 32,000
Carriage sh 22,000

Gross profit  sh 130,000

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