Question
From the following figures prepare Trading and Profit and Loss Account of
Lakshmi & Co. for the year ended December 31, 1987.
Rs.
| Stock on January 1, 1987 | 40,000 |
| Purchases | 98,000 |
| Commission Received | 650 |
| Rent, Rates and Taxes | 8,600 |
| Salaries & Wages | 12,000 |
| Sales | 1,62,100 |
| Returns Inwards | 2,400 |
| Returns Outwards | 3,000 |
| Sunday Expenses | 2,500 |
| Bank Charges | 50 |
| Discount Received | 750 |
| Carriage on Purchases | 2,000 |
| Discount Allowed | 530 |
| Carriage on Sales | 1,700 |
| Lighting and Heating | 2,200 |
| Postage | 300 |
| Income from Investments | 500 |
| Commission Paid | 1,000 |
| Interest paid on a bank loan | 550 |
The stock on December 31, 1987 was valued at Rs. 26,000.
Answer :
Word Count : 358
To prepare the Trading and Profit and Loss Account for Lakshmi & Co. for the year ended December 31, 1987, we need to break down the information provided into the format of a Trading Account (for calculating Gross Profit or Loss) and a Profit and Loss Account (for calculating Net Profit or Loss). ### Trading Account The Trading Account calculates the Gross Profit or Loss. Format of Trading Account: | Particulars _______ _______ ___ ________ ____ _____ _______ ____ _________ _____ ____ ______.
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To prepare the Trading and Profit and Loss Account for Lakshmi & Co. for the year ended December 31, 1987, we need to break down the information provided into the format of a Trading Account (for calculating Gross Profit or Loss) and a Profit and Loss Account (for calculating Net Profit or Loss). ### Trading Account The Trading Account calculates the Gross Profit or Loss. Format of Trading Account: | Particulars _______ _______ ___ ________ ____ _____ _______ ____ _________ _____ ____ ______.
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