Commerce Exam > Commerce Questions > Prepare trading and profit and loss account f...
Start Learning for Free
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..
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
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?
Question Description
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?.
Solutions 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? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup