Preparation of Trading, Profit And Loss Account - SS1 Accounting Past Questions and Answers - page 1
The trial balance is drawn from the books of XYZ Ltd for the year ended 31 December 2022. Prepare a trading, profit and loss account given closing stock as ₦12,000.
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Dr. ₦ |
Cr. ₦ |
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Capital Land and building Opening stock Plant and machinery Return outwards Purchases Carriage inwards Carriage outward Return inwards Discount received Wages and Salaries Debtors Creditors Cash in hand Bank Sales Discount allowed Drawings Printing and stationery |
21000 20000 60000 50000 2500 2000 4000 30000 8000 6000 5000 1500 2500 1500 313200 |
100000 3000 1200 12000 90000 313200 |
Answer:
Trading, Profit and Loss Account for XYZ Ltd for the year ended 31 December 2022, with closing stock of ₦12,000:
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Particulars |
(₦) |
(₦) |
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Sales Less: Return Inwards Net Sales Cost of Goods Sold Opening Stock Add: Purchases Less: Return Outwards Freight Inward Cost of Goods Available Less: Closing Stock Cost of Goods Sold Gross Profit Operating Expenses: Wages and Salaries Rent and Rates Printing and Stationery Discount Allowed Discount Received Carriage Outward Net Operating Expenses Net Profit |
4000 20000 50000 3000 2500 12000 30000 10000 1500 1500 1200 - |
90000 86000 69500 57500 28500 44200 15300 |