ACCOUNTS 1

Prepare a profit and loss account for the year ended 31^ST 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 31^ST 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