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Acc week 5
1. Introduction to the Trial Balance, Trading and Profit and Loss Accounts, and the Balance Sheet Week 5
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3. Flowchart of Accounting Records Source Documents Journals Trading, Profit & Loss Acc Balance Sheet Ledgers Trial Balance
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9. Trial Balance: Example Quickpower Trading Trial Balance as at 5 th February 2006 Account Title Debit ($) Credit ($) Cash in Hand 4,900 Cash at Bank 55,400 Debtors 4,000 Stock 18,000 Fixtures and Fittings 10,000 Creditors 9,000 Bank Loan 30,000 Capital 50,000 Drawings 100 Sales 3,500 Electricity Expense 100 93,000 93,000
12. Flowchart of Accounting Records Source Documents Journals Trading, Profit & Loss Acc Balance Sheet Ledgers Trial Balance
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15. Dr Sales Account Cr 2002 $ 2002 $ Jul 31 Transfer to Trading 5,680 Jul 31 Balance 5,680 Dr Purchases Account Cr Jul 31 Balance $3,900 Jul 31 Transfer to Trading $3,900 Dr Returns Outwards Account Cr Jul 31 Transfer to Trading $150 Jul 15 Lin & Co $150 Dr Returns Inwards Account Cr Jul 22 A. Huang $450 Jul 31 Transfer to Trading $450
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20. Dr Trading Account for the year ended 31 Dec 2002 (horizontal) Cr $ $ $ $ Opening stock 980 Sales 10,590 Purchases 12,950 Less Return Inwards 340 Less Return Outwards 480 10,250 12,470 Gross loss 2,790 Add Carriage Inwards 120 Duty on purchase 150 12,740 Cost of goods available for sale 13,720 Less Closing stock 680 Cost of goods sold 13,040 13,040 13,040
21. Trading Account for the year ended 31 Dec 2002 (vertical) RM RM RM Sales 10,590 Less: Return inwards 340 10,250 Less: Cost of goods sold Opening stock 980 Add: Purchases 12,950 Less: Return outwards 480 13,450 Add: Carriage inwards 120 Duty on purchases 150 270 Cost of goods available for sales 13,720 Less: Closing stock 680 13,040 Gross loss (2,790)
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23. Dr Trading Account for the year ended 31 Dec 2008 Cr Purchases 26,850 RM RM Less return o/wards 400 Less closing stock 2,630 Cost of Goods available for sale 26,450 Sales Less Return inwards 250 39,640 Gross profit 15,57 0 Cost of Goods sold 23,820 RM 39,390 39,390
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