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The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date?
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The following trial balance and. Additional information relates to m/s...
Preparation of Trading and Profit & Loss Account
To prepare the Trading and Profit & Loss Account for M/s Satishkumar & Brother for the year ended 31st March 2013, we will follow these steps:
1. Trading Account
- Sales Revenue: Total sales from the trial balance.
- Cost of Goods Sold (COGS):
- Opening Stock
- Purchases
- Closing Stock
- Formula:
- COGS = Opening Stock + Purchases - Closing Stock
- Gross Profit:
- Gross Profit = Sales - COGS
2. Profit & Loss Account
- Gross Profit: Carried from the Trading Account.
- Expenses:
- Operating Expenses (salaries, rent, utilities, etc.)
- Depreciation
- Interest paid
- Net Profit:
- Net Profit = Gross Profit - Total Expenses
Balance Sheet Preparation
The balance sheet will summarize the financial position as of 31st March 2013.
1. Assets
- Current Assets:
- Cash and Bank
- Debtors
- Inventory (Closing Stock)
- Non-Current Assets:
- Fixed Assets (Property, Plant, and Equipment)
2. Liabilities
- Current Liabilities:
- Creditors
- Short-term loans
- Long-term Liabilities:
- Long-term loans
3. Capital
- Capital Account:
- Opening Capital
- Add: Net Profit
- Less: Drawings
This structured approach helps in accurately reflecting the financial health of M/s Satishkumar & Brother as of the specified date.
To prepare the Trading and Profit & Loss Account for M/s Satishkumar & Brother for the year ended 31st March 2013, we will follow these steps:
1. Trading Account
- Sales Revenue: Total sales from the trial balance.
- Cost of Goods Sold (COGS):
- Opening Stock
- Purchases
- Closing Stock
- Formula:
- COGS = Opening Stock + Purchases - Closing Stock
- Gross Profit:
- Gross Profit = Sales - COGS
2. Profit & Loss Account
- Gross Profit: Carried from the Trading Account.
- Expenses:
- Operating Expenses (salaries, rent, utilities, etc.)
- Depreciation
- Interest paid
- Net Profit:
- Net Profit = Gross Profit - Total Expenses
Balance Sheet Preparation
The balance sheet will summarize the financial position as of 31st March 2013.
1. Assets
- Current Assets:
- Cash and Bank
- Debtors
- Inventory (Closing Stock)
- Non-Current Assets:
- Fixed Assets (Property, Plant, and Equipment)
2. Liabilities
- Current Liabilities:
- Creditors
- Short-term loans
- Long-term Liabilities:
- Long-term loans
3. Capital
- Capital Account:
- Opening Capital
- Add: Net Profit
- Less: Drawings
This structured approach helps in accurately reflecting the financial health of M/s Satishkumar & Brother as of the specified date.
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The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date?
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The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date?.
The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The following trial balance and. Additional information relates to m/s satishkumar & brother ,prepare trading and profit & loss a/c for the year ended 31st. March 2013 and balance sheet as on date?.
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