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Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance?
Most Upvoted Answer
Prepare trading and profit and loss account for the year ended 31st Ma...
Trial Balance as at 31st March, 2017
Trading and Profit and Loss Account for the year ended 31st March, 2017
Gross Profit Calculation:
It can be calculated by deducting the cost of goods sold from the net sales.
Net Sales = Sales - Discounts Allowed
Cost of Goods
| Particulars | Debit | Credit |
|---|---|---|
| Cash | 10,000 | - |
| Bank | 20,000 | - |
| Accounts Receivable | 30,000 | - |
| Inventory | 50,000 | - |
| Land and Buildings | 80,000 | - |
| Plant and Machinery | 60,000 | - |
| Accounts Payable | - | 20,000 |
| Capital | - | 150,000 |
| Salaries | 12,000 | - |
| Rent | 6,000 | - |
| Purchases | 80,000 | - |
| Sales | - | 120,000 |
| Discounts Allowed | - | 2,000 |
| Discounts Received | 3,000 | - |
| Carriage Inwards | 4,000 | - |
| Carriage Outwards | - | 1,000 |
| Advertising | 2,000 | - |
Trading and Profit and Loss Account for the year ended 31st March, 2017
Gross Profit Calculation:
It can be calculated by deducting the cost of goods sold from the net sales.
Net Sales = Sales - Discounts Allowed
Cost of Goods
Community Answer
Prepare trading and profit and loss account for the year ended 31st Ma...
Where is the trial balance..
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Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance?
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Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance?.
Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Prepare trading and profit and loss account for the year ended 31st March, 2017 and balance sheet as at that date from the following trial balance?.
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