ACCOUNTS F1

 

Prepare a profit and loss account for the year ended 31^ST May, 2014 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. 35,000

Carriage …………..……………………..sh 42,000

Gross profit …………..……………… sh 125,000

 

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	125,000
Advertising		70,000	Interest received		35,000
General expenses		34,000	Net Loss		50,000
Sundry expenses		5,000
Carriage		42,000
		210,000			210,000

TRY THIS………..

 

Prepare a profit and loss account for the year ended 31^ST November, 2014 from the following balances:

Transport ------------------sh. 74,000

Advertising ----------------sh. 54,000

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

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

Interest received---------- sh. 35,000

Carriage -------------------sh 21,000

Gross profit----------------sh 103,000