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Upper Secondary Principles Of Account-Trading Account
Upper Secondary Principles Of Account-Trading Account
Upper Secondary Principles Of Account-Trading Account
Upper Secondary Principles Of Account-Trading Account
Upper Secondary Principles Of Account-Trading Account
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Upper Secondary Principles Of Account-Trading Account

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  • 1. Trading Account
  • 2. Format of Trading Account $ $ Sales Revenue (Sales Revenue) Less: Sales Returns (Sales Return) Less: Cost of Sales (Cost of Sales) Gross Profit ¹ (Name of the business) Income statement for the year ended (Date) (Trading) ¹Sales Revenue-Sales Returns-Cost of Sales
  • 3. Example:BelowShowsaTrialBalanceofaBusiness. Prepareatradingaccountforthebusiness Trial Balance As at 31 Oct 2012 Debit $ Credit $ Sales Revenue 446000 Sales Returns 30 Cost of Sales 2950 Discount Received 8000 Discount Allowed 4000 Rental Income 1500 Rental Expense 750 Commission Income 900 Salaries Expense 500 Interest Income 120
  • 4. Utilities Expense 70 Service Income 500 Repair Expense 350 Cash in Hand 100000 Cash at Bank 336278 Inventory 6000 Trade Receivables 12092 Bank Loan 3000 Trade Payables 2000 Capital 1000 463020 463020
  • 5. Insertsalesrevenue,salesreturnandcostofsales intotheright columnandcalculatethegrossprofit $ $ Sales Revenue 446000 Less: Sales Returns 30 Less: Cost of Sales 2950 Gross Profit 443020 (Name of the business) Income statement for the year ended 31 October 2012 (Trading)

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