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Organize the Trading Account from the subsequent details:
Office Rent Rs. 5,000;Purchases Rs. 80,100; Opening stock Rs.25, 000; Stock at the end Rs. 15,000; Carriage Inward Rs. 12,000; Carriage Outward Rs. 2,000;
Sales Rs. 1,40,000; Sales Return Rs. 2,000; Purchases Return Rs. 100.
Solution
Trading Account For the year ending
Particulars
Rs.
Opening Stock: Raw Material Work-in-Progress Finished Goods
Net Purchase:
Purchase 80,100
Less: Purchase Returns 100
Profit & loss Account
(Transferred to)
25,000
80,000
48,000
Net sales:
Sales 1,40,000
Less: Sales Return 2,000
Closing Stock: Raw Material Work-in-Progress Finished Goods
1,38,000
15,000
1,53,000
SQB Corporation reports sales of $10,000,000 for Year 2, with a gross profit margin of 40%. 20% of SQB's sales are on credit. Year 1 Year 2
1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss. 2. Trading account
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