Prepare a profit and loss account for the year ended 31ST
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 31ST
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