0 votes
762 views
in Business Studies Form 3 by

The following trial balance was extracted from the books of Baite Traders as at 31st August 2015

 DrCr
 ShSh
Sales 350,000
Purchases160,000 
Cash at the bank290,000 
Returns inwards5,000 
Carriage inwards20,000 
Carriage outwards14,000 
Salaries and wages10,000 
Debtors56,000 
Creditors 90,000
Stock35,000 
Machinery265,000 
Rent 25,000
Discounts received 18,000
Light and heating12,000 
Buildings240,000 
Advertising13,000 
Drawings30,000 
Capital 667,000
 1,150,0001,150,000

Additonal information:

  1. Stock on 31st August 2015 was valued at Sh. 50,000
  2. Prepare trading, profit and loss account for the year ended 31st August 2015 and a balance sheet as at that date.

1 Answer

0 votes
by
Baite Traders
Trading, Profit and Loss A/C
For the period ended 31st August 20-5
ShShSHSh
Opening stock35,000Sales350,000
Add: Purchases160,000Less: Return inwards50,000345,000
Carriage inwards20,000180,000
COGAFs215,000
Less: Closing stock50,000
Cos165,000
G.P c/d180,000
345,000345,000
Carriage outwards14,000G.P b/d180,000
Sal/wages10,000Rent25,000
Light & heat12,000Discount Received18,000
Advert13,000
NP c/d174,000
223,000223,000

  Biate
Balance sheet
As at 31st August 20-5   

Assets
Machinery
Buildings 
Sh
265,000
240,000 
Capital + Liabilities
Capital
Less: Drawings 
Sh 
667,000
30,000
Sh

 
 637,000
Stock
Bank
Debtors
  50,000
290,000
56,000
 Add Net Profit

Creditors
 174,000

 
 811,000

90,000
901,000 901,000

Welcome to EasyElimu Questions and Answers, where you can ask questions and receive answers from other members of the community.

6.4k questions

9.6k answers

6 comments

590 users

...