Question

Question 12.
From the following, prepare Profit and Loss Account of Sohan Lal as it would appear in the 1st year that ended 31st March, 2018:

The Gross Profit was 45% of sales, which amounted to ₹ 6,50,000.

Answer 1

The question is attached below. Hope it will help you.

Explanation:

In the question you need to calculate gross profit first which is given 45% of sales : 6500000*45% = 292500

You need to record gross profit and all other incomes on the credit side of profit and loss account and all the expenses on the debit side of the profit and loss account. Then you need to total and deduct it from the other side to arrive the net profit or loss as the case may be .

Answer 2

Answer:

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