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From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date?
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From the following trial balance prepare a trading and profit and loss...
Trading and Profit & Loss Account for the year ended 31st Dec., 2013
Trading Account
- Sales: XXX
- Less: Cost of Goods Sold
- Opening Stock: XXX
- Purchases: XXX
- Direct Expenses: XXX
- Less: Closing Stock: XXX
- Gross Profit: XXX
Profit & Loss Account
- Gross Profit (from Trading Account): XXX
- Add: Other Income: XXX
- Less: Operating Expenses: XXX
- Net Profit: XXX
Balance Sheet as on 31st Dec., 2013
Liabilities
- Capital: XXX
- Reserves & Surplus: XXX
- Long-term Liabilities: XXX
- Current Liabilities: XXX
Assets
- Fixed Assets: XXX
- Investments: XXX
- Current Assets: XXX
In the Trading and Profit & Loss Account, the Trading Account shows the calculation of Gross Profit by deducting the Cost of Goods Sold from Sales. The Profit & Loss Account further includes other income and operating expenses to arrive at the Net Profit.
The Balance Sheet presents the financial position of the business as on 31st Dec., 2013. It lists the company's liabilities such as Capital, Reserves & Surplus, Long-term Liabilities, and Current Liabilities. On the assets side, it includes Fixed Assets, Investments, and Current Assets. The Balance Sheet follows the equation: Assets = Liabilities + Capital.
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From the following trial balance prepare a trading and profit and loss...
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From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date?
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From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date?.
From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following trial balance prepare a trading and profit and loss account for the year ended 31st dec., 2013 and balance sheet as on that date?.
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