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Financial Statements profit and loss Sample Assignment

Q. From the following particulars prepare a trading and profit and loss account:
Opening Stock Rs. 1, 50,000; Purchases Rs. 4, 50,000; Salaries Rs. 50,000; Other expenses Rs. 20,000; Sales Rs. 6,00,000. Closing stock could not be ascertained but it is known that goods are sold at cost plus 50 per cent. The manager of the business is entitled to a commission of 5 per cent on net profits after charging such commission.

Solution:

                                                                 Trading Account

Opening Stock Purchases Profit and Loss Account (Gross Profit)	Rs. 1,50,000   4,50,000   2,00,000	Sales Stock at the end (Balancing Figure)	Rs. 6,00,000 2,00,000
	8,00,000		8,00,000

                                                           Profit and Loss Account

Salaries Other expenses Manager’s commission Net Profit	Rs. 50,000 20,000   6,190     1,23,810	Trading Account (Gross Profit)	Rs.   2,00,000
	2,00,000		2,00,000

Other Sample Assignments in Accounting Homework Assignment :

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Calculate Depreciation By Equal	Calculate Depreciation Diminishing Balance
Calculate Depreciation Expense	Inventory Valuation
Calculate Cost Of Sale	Calculate Inventory And Profit
Fifo Lifo	Financial Statements profit and loss
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