Prepare trading and profit and loss Account from the information given below: Rs. Rs. Opening Stock 3,600 Rent (Factory) 400 Purchases 18,260 Rent (Office) 500 Wages 3,620 Sales Returns 700 Closing Stock 4,420 Purchase Returns 900 Sales 32,000 General Expenses 900 Carriage on purchases 500 Discount to Customers 360 Carriage on Sales 400 Interest from Bank 200
Answers
Answer:
Stock (inventory) is a measure of something on hand-goods, spares and other items in a business
Explanation:
The P&L statement, income statement, trading statement, and statement of financial performance are other names for a profit and loss account. A profit and loss account is a financial statement that displays the revenue, costs, and net profit for a specific time period for a company.
The initial quantity of any product or good that a company has on hand at the beginning of a fiscal year or accounting period is known as opening stock. It is valued using appropriate accounting standards according on the type of business and is equal to the closing stock of the prior accounting period.
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