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Extracts of trial balance as at 28th March 2018
Purchases. 8,00000
Sales 1300000
Creditors. 160000
debtors. 400000
1. Goods purchased on credit on 29th March 2018 60,000
2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales
3.closing stock on 28th March 2018 2,00000
show the relevant items in final accounts on 31st March 2018?
Purchases. 8,00000
Sales 1300000
Creditors. 160000
debtors. 400000
1. Goods purchased on credit on 29th March 2018 60,000
2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales
3.closing stock on 28th March 2018 2,00000
show the relevant items in final accounts on 31st March 2018?
Most Upvoted Answer
Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sale...
Trial Balance Summary as at 28th March 2018
- Purchases: 8,000,000
- Sales: 1,300,000
- Creditors: 160,000
- Debtors: 400,000
- Closing Stock: 2,000,000
Transactions After Trial Balance
1. Goods Purchased on Credit (29th March 2018): 60,000
2. Goods Sold on Credit (30th March 2018): 100,000 at a profit of 20% on sales
Final Accounts Preparation as at 31st March 2018
- Revenue Calculation:
- Total Sales = Sales (from trial balance) + Sales (on 30th March)
- Total Sales = 1,300,000 + 100,000 = 1,400,000
- Cost of Goods Sold (COGS):
- Profit on Sales = 20% of 100,000 = 20,000
- COGS for 100,000 sale = Sales - Profit = 100,000 - 20,000 = 80,000
- Total Purchases = Purchases (from trial balance) + Purchases (on 29th March)
- Total Purchases = 8,000,000 + 60,000 = 8,060,000
- COGS = Total Purchases - Closing Stock = 8,060,000 - 2,000,000 = 6,060,000
- Gross Profit Calculation:
- Gross Profit = Total Sales - COGS
- Gross Profit = 1,400,000 - 6,060,000 = (4,660,000)
Balance Sheet Items
- Debtors: 400,000 + 100,000 (from sales) = 500,000
- Creditors: 160,000 + 60,000 (from purchases) = 220,000
- Closing Stock: 2,000,000 remains unchanged
This breakdown gives a clear view of the relevant items in the final accounts as of 31st March 2018, reflecting the impact of the transactions post-trial balance.
- Purchases: 8,000,000
- Sales: 1,300,000
- Creditors: 160,000
- Debtors: 400,000
- Closing Stock: 2,000,000
Transactions After Trial Balance
1. Goods Purchased on Credit (29th March 2018): 60,000
2. Goods Sold on Credit (30th March 2018): 100,000 at a profit of 20% on sales
Final Accounts Preparation as at 31st March 2018
- Revenue Calculation:
- Total Sales = Sales (from trial balance) + Sales (on 30th March)
- Total Sales = 1,300,000 + 100,000 = 1,400,000
- Cost of Goods Sold (COGS):
- Profit on Sales = 20% of 100,000 = 20,000
- COGS for 100,000 sale = Sales - Profit = 100,000 - 20,000 = 80,000
- Total Purchases = Purchases (from trial balance) + Purchases (on 29th March)
- Total Purchases = 8,000,000 + 60,000 = 8,060,000
- COGS = Total Purchases - Closing Stock = 8,060,000 - 2,000,000 = 6,060,000
- Gross Profit Calculation:
- Gross Profit = Total Sales - COGS
- Gross Profit = 1,400,000 - 6,060,000 = (4,660,000)
Balance Sheet Items
- Debtors: 400,000 + 100,000 (from sales) = 500,000
- Creditors: 160,000 + 60,000 (from purchases) = 220,000
- Closing Stock: 2,000,000 remains unchanged
This breakdown gives a clear view of the relevant items in the final accounts as of 31st March 2018, reflecting the impact of the transactions post-trial balance.
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Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sales 1300000Creditors. 160000debtors. 4000001. Goods purchased on credit on 29th March 2018 60,000 2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales 3.closing stock on 28th March 2018 2,00000show the relevant items in final accounts on 31st March 2018?
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Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sales 1300000Creditors. 160000debtors. 4000001. Goods purchased on credit on 29th March 2018 60,000 2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales 3.closing stock on 28th March 2018 2,00000show the relevant items in final accounts on 31st March 2018? 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 Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sales 1300000Creditors. 160000debtors. 4000001. Goods purchased on credit on 29th March 2018 60,000 2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales 3.closing stock on 28th March 2018 2,00000show the relevant items in final accounts on 31st March 2018? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sales 1300000Creditors. 160000debtors. 4000001. Goods purchased on credit on 29th March 2018 60,000 2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales 3.closing stock on 28th March 2018 2,00000show the relevant items in final accounts on 31st March 2018?.
Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sales 1300000Creditors. 160000debtors. 4000001. Goods purchased on credit on 29th March 2018 60,000 2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales 3.closing stock on 28th March 2018 2,00000show the relevant items in final accounts on 31st March 2018? 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 Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sales 1300000Creditors. 160000debtors. 4000001. Goods purchased on credit on 29th March 2018 60,000 2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales 3.closing stock on 28th March 2018 2,00000show the relevant items in final accounts on 31st March 2018? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Extracts of trial balance as at 28th March 2018 Purchases. 8,00000Sales 1300000Creditors. 160000debtors. 4000001. Goods purchased on credit on 29th March 2018 60,000 2. goods sold on credit on 30th March 2018 for 100000 at a profit of 20% on sales 3.closing stock on 28th March 2018 2,00000show the relevant items in final accounts on 31st March 2018?.
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