Preparation of Trading Account - SS1 Accounting Lesson Note
The following are transactions for SUN Ltd. for the month of May 2022. You are required to prepare a trading account.
Transactions for SUN Ltd. for the Month of May 2022:-
On May 1, 2022, SUN Ltd. purchased 100 units of product A for ₦10000.
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On May 5, 2022, SUN Ltd. sold 50 units of product A for ₦500.
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On May 8, 2022, SUN Ltd. purchased 200 units of product B for ₦50000
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On May 10, 2022, SUN Ltd. sold 100 units of product B for ₦30000.
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On May 15, 2022, SUN Ltd. purchased 150 units of product A for ₦20000.
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On May 20, 2022, SUN Ltd. sold 100 units of product A for ₦15000.
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On May 22, 2022, SUN Ltd. purchased 50 units of product C for ₦15000.
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On May 25, 2022, SUN Ltd. sold 30 units of product C for ₦10500.
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On May 28, 2022, SUN Ltd. purchased 100 units of product A for ₦15000.
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On May 31, 2022, SUN Ltd. sold 150 units of product B for ₦45000.
Trading Account for SUN Ltd. for the Month of May 2022:
|
Particulars |
Amount (₦) |
|
Sales Less: Cost of Goods Sold Opening Stock Purchases Less: Closing Stock Cost of Goods Sold Gross Profit |
98000 10000 95000 25000 80000 18000 |