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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