Kabaka Traders
Trials balance as at 30/6/2021
| Particles | Dr | Cr |
| Sales Purchases Return inwards Carriage inwards Return outwards Carriage outwards Stock 1st Jul 2017 Rent Delivery van Bank Creditors Debtors Discount allowed General expenses Capital | ____________ 600,000 80,000 40,000 ____________ 3,000 100,000 60,000 180,000 60,000 ____________ 120,000 80,000 18,000 ____________ 1,268,000 | 900,000 ________ ________ ________ 20,000 _________ _________ _________ _________ _________ 170,000 _________ _________ _________ 178,000 1,268,000 |
Stock on 30th June 2018 was valued at 135,000/=
Required:
Prepare Kabaka Traders Trading profit and loss A/c.
KABAKA TRADERS
TRADING PROFIT AND LOSS A/C
FOR THE YEAR ENDED 30/6/2021
| Opening stock 100,000 Purchases 600,000 Carriage inwards 40,000 Return outwards 20,000 C.O.G.A.F.S 720,000 Closing Stock 135,000 C.O.G.S 585,000 Gross profit c/d 235,000 820,000 Expenses Carriage outwards 3,000 Rent 60,000 Discount allowed 18,000 General expenses 7,000 Net profit c/d 147,000 235,000 | Sales 900,000 Return inwards 80,000 Net sales 820,000 820,000 Gross profit b/d 235,000 Net profit B/d 147,000 |
