Prepare Trading Account for the year ending 31.12.2017 from the
following information :
Rs.
Opening Stock 80,000
Freight inward 52,000
Sales 14,40,000
Sales returns 3,16,000
Import duty 30,000
Purchases 8,60,000
Wages 24,000
Purchase returns 10,000
Closing stock 1,00,000
Answers
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gross profit amount is 12,24,000(Dr)
Explanation:
In Debit side
Opening stock
freight inwards
purchase-purchase return= Correct purchase
wages
import duty
In Credit side
Sales-Sales return=Correct sales
Closing stock
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