Tuesday, 7 December 2021

ACCOUNTS D1

 


Prepare a profit and loss account for the year ended 31ST May 2018 from the following balances:

Transport……………………..…………..sh. 59,000

Advertising …………..………………… sh. 70,000

General expenses…………..………. sh 34,000

Sundry expenses…………..……….. sh 5,000

Interest received …………..……….sh. 30,000

Carriage …………..……………………..sh 42,000

Gross profit …………..……………… sh 124,000

 

Solution


Dr               PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED ON 31TH, MAY-2018                   Cr

Particulars

Folio

Amount

Particulars

Folio

Amount

Transport   

 

59,000

Gross profit

b/d

124,000

Advertising

70,000

Interest received

30,000

General expenses

34,000

Net Loss

56,000

Sundry expenses

5,000

 

 

Carriage

42,000

 

 

 

 

210,000

 

 

210,000

 

TRY THIS………..

 

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

Transport ----------------------sh. 77,000

Advertising --------------------sh. 57,000

General expenses------------- sh 38,000

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

Interest received------------- sh. 34,000

Carriage -------------------------sh 24,000

Gross profit----------------------sh 104,000


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