Question

Question 6 From the following information, prepare the Trading Account for the year ended 31st March, 2017 cost of Goods Sold 12,10,000 Opening Stock 50,000 Closing Stock 80,000 Carriage Inwards 15,000 Sales 15,00 000​

Answer 1

Gross Profit = 290000

Explanation:

Particulars (Debit)              Amount         Particulars(Credit)                Amount

To Opening Stock               50000           By Sales                                1500000

To Purchase                       1225000         By Closing Stock                   80000

To Carriage Inwards             15000

To Gross Profit                    290000

Total                                    1580000         Total                                      1580000