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Question

Prepare a trading account for the year ended 31st March, 2016 from the following balances.

Account TitleAmt. (Rs.)Account TitleAmt. (Rs.)Opening stock 80,000Purchases return 24,000Purchases 4,00,000Sales return 40,000Sales10,00,000Carriage on purchases 16,000Freight and octroi 13,000Carriage on sales 20,000Wages 60,000Factory rent 24,000Factory lighting 21,600Office rent 15,000Coal, gas and water 4,400Import duty 64,000

Closing stock is valued at Rs. 1,20,000.

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Solution

Trading Account
Dr. for the year ended 31st March, 2016 Cr.
ParticularsAmt. (Rs.)ParticularsAmt. (Rs.) Opening Stock 80,000 Sales 10,00,000 Purchases 4,00,000 () Sales Return 40,000–––––––– 9,60,000() Purchases Return 24,000–––––– 3,76,000 Closing Stock 1,20,000 Freight and Octroi 13,000 Wages 60,000 Factory Lighting 21,600 Coal. Gas and Water 4,400 Carriage on Purchases 16,000 Factory Rent 24,000 Import Duty 64,000 Gross Profit c/d 4,21,000 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯10,80,000––––––––– ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯10,80,000–––––––––


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