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Chapter 7 Trading and Profit and Loss Accounts For Sole Traders Q1 Hadlee

The document contains two trading and profit and loss accounts for sole traders for the years ended 31 December 2003 and 31 March 2004. The first account is for Hadlee and shows sales of $71,200, cost of goods sold of $28,396, gross profit of $42,804, expenses of $16,880 and net profit of $25,924. The second account is for Tikolo and shows sales of $200,400, cost of goods sold of $116,560, gross profit of $83,840, total income of $87,000, expenses of $61,137 and net profit of $25,863.

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90 views1 page

Chapter 7 Trading and Profit and Loss Accounts For Sole Traders Q1 Hadlee

The document contains two trading and profit and loss accounts for sole traders for the years ended 31 December 2003 and 31 March 2004. The first account is for Hadlee and shows sales of $71,200, cost of goods sold of $28,396, gross profit of $42,804, expenses of $16,880 and net profit of $25,924. The second account is for Tikolo and shows sales of $200,400, cost of goods sold of $116,560, gross profit of $83,840, total income of $87,000, expenses of $61,137 and net profit of $25,863.

Uploaded by

Amy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Chapter 7 Trading and Profit and Loss Accounts for sole traders

Q1 Hadlee

Trading and Profit and Loss Account for the year ended 31 December 2003
$ $ $
Sales 72 800
Less Returns 1 600 71 200
Less Cost of Sales
Opening stock 11 000
Purchases 28 540
Less Returns 2 144 26 396
37 396
Less Closing stock 9 000 28 396
Gross profit 42 804
Wages 3 100
Rent 4 000
Heating and lighting 5 120
Advertising 2 400
Sundry expenses 2 010
Loan interest 250 16 880
Net Profit 25 924

Q2 Tikolo

Trading and Profit and Loss Account for the year ended 31 March 2004
$ $ $
Sales 204 000
Less Returns 3 600 200 400
Less Cost of sales
Opening stock 18 000
Purchases (120 000 – 2000) 118 000
Less Returns 4 440
113 560
Carriage inwards 5 000 118 560
136 560
Less Closing stock 20 000 116 560
Gross profit 83 840
Discounts received 3 160
87 000
Less
Wages 36 800
Rent 8 000
Heating and lighting 6 450
Carriage outwards 3 724
Sundry expenses 1 143
Discounts allowed 5 020 61 137
Net profit 25 863

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