Preparation of Departmental Trading, Profit And Loss Account And Balance Sheet - SS3 Accounting Past Questions and Answers - page 1
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Question:
The following transactions were entered into the trial balance of the logistics department of DAY TRADERS for the year ending December 2021. You are required to prepare the departmental trading profit and loss account and the departmental balance sheet in tabular form
TRIAL BALANCE OF THE LOGISTICS DEPARTMENT OF DAY TRADERS FOR THE YEAR ENDED DECEMBER 2021:
|
Account Name |
Debit (₦) |
Credit (₦) |
|
Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Salaries Expense Rent Expense Utilities Expense Fuel Expense Sales Revenue Cost of Goods Sold Depreciation Expense Total |
60,000 40,000 120,000 200,000 20,000 - 100,000 50,000 15,000 25,000 - 180,000 - 610,000 |
- - - - - 25,000 - - - - 400,000 - 20,000 445,000 |
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