Preparation of Trading Account - SS1 Accounting Past Questions and Answers - page 1
The following are transactions for SUN Ltd. for the month of May 2022. You are required to prepare a trading account
Transactions for XYZ Ltd. for the Month of August 2022:-
On August 1, 2022, XYZ Ltd. purchased 50 units of product A for ₦15000.
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On August 5, 2022, XYZ Ltd. sold 20 units of product A for ₦6000.
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On August 8, 2022, XYZ Ltd. purchased 100 units of product B for ₦80000.
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On August 10, 2022, XYZ Ltd. sold 50 units of product B for ₦40000.
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On August 15, 2022, XYZ Ltd. purchased 80 units of product A for ₦28000.
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On August 20, 2022, XYZ Ltd. sold 30 units of product A for ₦10500.
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On August 22, 2022, XYZ Ltd. purchased 70 units of product C for ₦35000.
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On August 25, 2022, XYZ Ltd. sold 60 units of product C for ₦30000.
Answer:
Trading Account for XYZ Ltd. for the Month of August 2022:
|
Particulars |
Amount (₦) |
|
Sales Less: Cost of Goods Sold Opening Stock Purchases Less: Closing Stock Cost of Goods Sold Gross Profit |
86500 15000 158000 28000 145000 41500 |