ACCOUNTS 3

Prepare a Trading and Profit and Loss Account as at 31^st December, 2016 given the trial balance below

Account Name	Dr	Cr
Cash Capital Purchases Rent Furniture General Expenses Sales Salary Wages	19,070/= 22,670/=   1,140/=   3,050/=   2,700/=      670/=      600/=	26,750/= 23,250/=
	50,000/=	50,000/=

NB: Closing Stock as at 31^st December – 2016 was 1,000/=  

solution

DETAILS	AMOUNT	DETAILS	AMOUNT
Purchases Less:Closing Stock Cost of Goods Sold Gross profit c/d	22,670/=     1,000/=   21,670/=     1,580/=	Sales	23,250/=
	23,090/=		23,250/=
General Expenses Salaries Wages Rent	2,700/=        670/=        600/=     1,140/=	Gross profit b/d Net Loss c/d	1,580/=     3,530/=
	5,110/=		5,110/=
Net Loss b/d	3,530/=

TRY THIS……………………………….. 

Prepare a Trading and Profit and Loss Account as at 31^st December, 2011 given the trial balance below

Account Name	Dr	Cr
Cash Capital Purchases Rent Furniture General Expenses Sales Salary Wages	21,070/= 22,670/=   3,140/=   3,050/=   4,700/=    2670/=    2600/=	31,750/= 28,250/=
	60,000/=	60,000/=

NB: Closing Stock as at 31^st December – 2011 was 3,000/=