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3 hours All ledger accounts must be prepared in continuous balance format Final accounts must be prepared in vertical format.
Trading, profit and loss account and balance sheet question and answer pdf. The stock on 21st December 1991 was valued at 25000. MCQs BASED ON TRADING ACCOUNT AND PROFIT LOSS ACCOUNT1. All questions carry equal marks.
Jennifer Agueliyah Boutique Jennifer Agueliyah is a dealer in fancy designer. The Balances of Jatin Bandhu is as follows on 31 st March 2004. 2- The Profit and Loss Account which is what is left of the Gross Profit after additional income has been added and expenses taken away.
Accounting Principles questions answers and examiners comments Level 3 Diploma in Credit Management JANUARY 2014 Instructions to candidates Answer any FIVE questions. The following balances are taken from the books of George Anderson at the end of his first year trading on 31 December 2014. Requirements a Write up the ledger accounts using the three column cash book.
For fixed assets this must be what. Stock remains unsold at the end of year. 10000 110000 c Balance Sheet as on 31-3-2012 Liabilities Amount Assets Amount SalariesOutstanding 10000 Give exact term for your answer.
Show separately on debit side of profit and loss account. Prepare Trading and Profit and Loss Account and the Balance Sheet as at 31 st March 2004. A Prepare income statement for the year ended 31 December 2014.
The profit and loss account is a very useful statement. 100000 Salaries OS. Net profit Gross profit any additional income other operating income.
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