ACCOUNTS 1

Prepare a profit and loss account for the year ended 31^ST May, 2015 from the following balances:

Transport     sh. 69,000

Advertising Sh. 60,000

General expenses sh 35,000

Sundry expenses sh 4,000

Interest received sh. 32,000

Carriage sh 42,000

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		69,000	Gross profit	b/d	122,000
Advertising		60,000	Interest received		32,000
General expenses		35,000	Net Loss		56,000
Sundry expenses		4,000
Carriage		42,000
		210,000			210,000

TRY THIS………..

Prepare a profit and loss account for the year ended 31^ST September, 2016 from the following balances:

Transport -----------------------sh. 76,000

Advertising ---------------------Sh. 58,000

General expenses------------- sh 37,000

Sundry expenses ----------------sh 9,000

Interest received------------- sh. 32,000

Carriage -------------------------sh 23,000

Gross profit--------------------sh 116,000