TRADING ACCOUNT (Horizontal Format) for the year ended Dr. Cr. Particulars To Opening Stock To Purchases xxx Less: Returns outwards (xxx) To Frieght & Carriage To Customs & Insurance To Wages To Gas, Water & Fuel To Factory Expenses To Royalty on Production To Cargo Expenses To Shipping Expenses To Import Duty To Custom Duty To Dock Charges a) You need to assess the viability of this proposition by calculating the following financial ratios: i) Gross profit margin. (2 marks) ii) Operating margin. (2 marks) iii) The return on capital employed. (2 marks) iv) (2 marksCurrent ratio. A trading account helps in determining the gross profit or gross loss of a business concern, made strictly out of trading activities. Trading involves buying and selling activities. In the trading account, the cost of goods sold is subtracted from net sales for the period to calculate gross profit. You are required to prepare Profit and Loss Account for the year ended 31st December 2004 and the Balance Sheet as on that date, after taking into account the following: 1. Closing Stock valued at Rs 1, 42,500. 2. Purchases include Rs 5,000 worth of goods and articles for free distribution among valued customers. Examples of Trading and Profit and Loss Account an Balance Sheet; Profit and Loss Account: Trading Account; Final Account; More About Capital and Revenue Expenditures: Capital and Revenue Receipts, Payments, Profits an Difference Between Capital and Revenue Expenditure Revenue Expenditure; Capital Expenditure; Journal Proper; Bills Payable Book:
A. An income and expenditure account is an international term for an Income statement. B. An income statement A. Financial accounts are primarily for external users and management accounts are primarily for H began trading on 1 July. Accounts payable turnover, Accounts payable ÷ purchases x 365 Seek assistance to understand your accounts from your bookkeeper or accountant; Speak to pdf. Image for Choosing an accountant publication. Building your support team In Bank Accounts, Liquidation of Companies and Internal Reconstruction, material Preparation of Liquidator's Final Statement of Account (Including Problems). surplus) such as excess of assets over capital and liabilities, Net trading profit The marking system will take into account the content A Bar Trading Account for the year ended 31 December 2016;. (11 marks). (b) that there may have been a problem collecting debts or else the company, to increase sales, had to sell to.
A trading account helps in determining the gross profit or gross loss of a business concern, made strictly out of trading activities. Trading involves buying and selling activities. In the trading account, the cost of goods sold is subtracted from net sales for the period to calculate gross profit. You are required to prepare Profit and Loss Account for the year ended 31st December 2004 and the Balance Sheet as on that date, after taking into account the following: 1. Closing Stock valued at Rs 1, 42,500. 2. Purchases include Rs 5,000 worth of goods and articles for free distribution among valued customers. Examples of Trading and Profit and Loss Account an Balance Sheet; Profit and Loss Account: Trading Account; Final Account; More About Capital and Revenue Expenditures: Capital and Revenue Receipts, Payments, Profits an Difference Between Capital and Revenue Expenditure Revenue Expenditure; Capital Expenditure; Journal Proper; Bills Payable Book: Trading Account and Profit and Loss Account and Balance Sheet - An Example: Learning Objectives: Understand the procedure of Preparing trading and profit and loss account and balance sheet of a business. There are two methods of keeping departmental accounts: 1. Independent Basis: In this method, accounts of each department are maintained separately. Each department prepares Trading and Profit and Loss Account. Finally, the profit or loss of each department is transferred to the (General) Profit and Loss Account for all the departments. From trial balance, expenses and income accounts are transferred to trading account and profit and loss account. Preparation of Final Accounts with Adjustments 91 Accounts, with balances, which are to be carried forward to the next year, are shown in the balance sheet.
IPCC_34e_Accounts_Group-II_Departmental A/c s_Assignment Solutions_____1 No.1 for CA/CWA & MEC/CEC MASTER MINDS 6. DEPARTMENTAL ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 Departmental Trading and Profit and Loss Account For six months ending 31.3.2012 Journal Entry Unsolved Problems Download . Problem 1: On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:. 2. Purchase Furniture for Cash Rs. 7,000. 8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store. 14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000. 18. Manufacturing Account (With answers) A) Modified Trading and Profit and Loss Account A company imported transistor radios from Britain, however, the radios must be modified to meet Hong Kong specifications with the help of some equipment. The trial balance at year end 31st December, 1993 is as follows: $ $ Sales 12000 Purchases 4500
You are required to prepare Profit and Loss Account for the year ended 31st December 2004 and the Balance Sheet as on that date, after taking into account the following: 1. Closing Stock valued at Rs 1, 42,500. 2. Purchases include Rs 5,000 worth of goods and articles for free distribution among valued customers. Examples of Trading and Profit and Loss Account an Balance Sheet; Profit and Loss Account: Trading Account; Final Account; More About Capital and Revenue Expenditures: Capital and Revenue Receipts, Payments, Profits an Difference Between Capital and Revenue Expenditure Revenue Expenditure; Capital Expenditure; Journal Proper; Bills Payable Book: Trading Account and Profit and Loss Account and Balance Sheet - An Example: Learning Objectives: Understand the procedure of Preparing trading and profit and loss account and balance sheet of a business. There are two methods of keeping departmental accounts: 1. Independent Basis: In this method, accounts of each department are maintained separately. Each department prepares Trading and Profit and Loss Account. Finally, the profit or loss of each department is transferred to the (General) Profit and Loss Account for all the departments. From trial balance, expenses and income accounts are transferred to trading account and profit and loss account. Preparation of Final Accounts with Adjustments 91 Accounts, with balances, which are to be carried forward to the next year, are shown in the balance sheet.