From the following balances
extracted from the books of X and Co. Prepare a trading account and profit and
loss account and balance sheet on 31st December, 1991
extracted from the books of X and Co. Prepare a trading account and profit and
loss account and balance sheet on 31st December, 1991
Stock on 1st January 11,000
Bills receivables
4,500
4,500
Purchases 39,000
Wages
2,800
2,800
Insurance 700
Sundry debtors 30,000
Carriage inwards 800
Commission (Dr.) 800
Interest on capital 700
Stationery
450
450
Return inwards 1,300
Return outwards 500
Trade expenses 200
Office fixtures 1,000
Cash in hand 500
Cash in bank 4,750
Rent and taxes 1,100
Carriage outwards 1,450
Sales 60,000
Bills payable 3,000
Creditors 19,650
Capital 17,900
The stocks on 21st
December, 1991 was valued atN25,000
December, 1991 was valued at
Solution
X
and Co.
and Co.
Trading and Profit and
Loss Account for the year ended 31st Dec. 1991.
Loss Account for the year ended 31st Dec. 1991.
X and Co.
Balance Sheet as at 31st
December, 1991
December, 1991
