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.
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On May 1, 2022, SUN Ltd. purchased 100 units of product A for ₦10000.
On May 5, 2022, SUN Ltd. sold 50 units of product A for ₦500.
On May 8, 2022, SUN Ltd. purchased 200 units of product B for ₦50000
On May 10, 2022, SUN Ltd. sold 100 units of product B for ₦30000.
On May 15, 2022, SUN Ltd. purchased 150 units of product A for ₦20000.
On May 20, 2022, SUN Ltd. sold 100 units of product A for ₦15000.
On May 22, 2022, SUN Ltd. purchased 50 units of product C for ₦15000.
On May 25, 2022, SUN Ltd. sold 30 units of product C for ₦10500.
On May 28, 2022, SUN Ltd. purchased 100 units of product A for ₦15000.
On May 31, 2022, SUN Ltd. sold 150 units of product B for ₦45000.
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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