Drawings in Profit and Loss Account - Excel by dpc20637

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									                                                                                  Alan Goh Jiang Wee
                            PRINCIPLES OF ACCOUNTS
                    TOPICS: (1) TRADING, PROFIT & LOSS ACCOUNT
                            (2) BALANCE SHEET


J. Moorthy was in the business as a retailer and the following balances were extracted
from his books on 30 June 2002:
                                                           S$
          Capital (1 July 2001)                            49,000            Balance Sheet
          Drawings                                         16,100            Balance Sheet
          Fittings & Equipment                               7,600           Balance Sheet
          Cash in hand (Petty Cash)                            280           Balance Sheet
          Purchases                                       222,020            Trading Account
          Sales                                           304,320            Trading Account
          Returns Outwards                                   1,580           Trading Account
          Stock (1 July 2001)                              40,300            Trading Account
          Motor Vans                                       11,500            Balance Sheet
          Wages                                            26,940            Profit & Loss Account
          Rent & Rates                                       7,180           Profit & Loss Account
          Water & Light                                      2,340           Profit & Loss Account
          Cash at Bank                                     15,380            Balance Sheet
          Sundry Expenses                                    3,960           Profit & Loss Account
          Debtors                                          15,360            Balance Sheet
          Creditors                                        19,200            Balance Sheet
          Motor Van Expenses                                 7,380           Profit & Loss Account
          Discount Received                                  2,240           Profit & Loss Account


You are required to prepare
(1) the Trial Balance as at 30 June 2002
(2) the Trading and Profit and Loss Accounts for the year ended ended 30 June 2002
(3) a Balance Sheet as at that date, taking into account the closing stock valued at
    S$29,540
oh Jiang Wee




oss Account
oss Account
oss Account

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oss Account
oss Account
J. Moorthy was in the business as a retailer and the foll
from his books on 30 June 2002:
                                         DR
                                         S$
Capital (1 July 2001)
Drawings                                   16,100
Fittings & Equipment                        7,600
Cash in hand (Petty Cash)                     280
Purchases                                222,020
Sales
Returns Outwards
Stock (1 July 2001)                        40,300
Motor Vans                                 11,500
Wages                                      26,940
Rent & Rates                                7,180
Water & Light                               2,340
Cash at Bank                               15,380
Sundry Expenses                             3,960
Debtors                                    15,360
Creditors
Motor Van Expenses                          7,380
Discount Received
                                       376,340
and the following balances were extracted

         CR
         S$
         49,000




        304,320
          1,580




         19,200

          2,240
       376,340
               Trading and Profit and Loss Account for the yea
                               S$
Opening Stock
Purchases                      222,020
Less: Returns Outwards           1,580
Cost of goods available
for sale
Less: Closing Stock
Cost of goods sold
Gross Profit c/d


Wages
Rent & Rates
Water & Light
Sundry Expenses
Motor Van Expenses
Net Profit c/d
       J Moorthy
nd Loss Account for the year ended 31 Dec 2002
           S$                                  S$
            40,300 Sales

           220,440
           260,740

            29,540
           231,200
            73,120
           304,320

            26,940 Gross Profit b/d
             7,180 Discount Received
             2,340
             3,960
             7,380
            27,560
            75,360

                     Net Profit b/d
 S$
304,320




304,320

 73,120
  2,240




 75,360

 27,560
PART (I): TRIAL BALANCE
                                                 DR          CR
                                                 S$          S$
       Capital (1 July 2001)                                49,000
       Drawings                                 16,100
       Fittings & Equipment                      7,600
       Petty Cash                                  280
       Purchases                               222,020
       Sales                                                ######
       Returns Outwards                                      1,580
       Stock (1 July 2001)                      40,300
       Motor Vans                               11,500
       Wages                                    26,940
       Rent & Rates                              7,180
       Water & Light                             2,340
       Cash at Bank                             15,380
       Sundry Expenses                           3,960
       Debtors                                  15,360
       Creditors                                            19,200
       Motor Van Expenses                         7,380
       Discount Received                                     2,240

                                               376,340      ######

PART (II): TRADING, PROFIT & LOSS ACCOUNT

                                                     J. Moorthy
                     Trading and Profit and Loss Account for the year ended 30 Jun 2002
                                      S$          S$
       Opening Stock (1 July 2001)               40,300
       Purchases                   222,020
       Less: Returns outwards          1,580    220,440

                                               260,740
       Less: Closing Stock (30 Jun 2002)        29,540
       Cost of goods sold                      231,200
       Gross Profit c/d                         73,120
                                               304,320

       Wages                                    26,940
       Rent & Rates                              7,180
       Water & Light                             2,340
       Sundry Expenses                           3,960
       Motor Van Expenses                        7,380
Net Profit c/d                        27,560
                                      75,360



                                          J. Moorthy
                            Balance Sheet as at 30 Jun 2002
                            S$        S$
Fixed Assets
Fittings & Equipment                   7,600
Motor Vans                            11,500
                                      19,100
Current Assets
Stock (30 Jun 2002)         29,540
Debtors                     15,360
Cash at Bank                15,380
Cash in hand (Petty Cash)      280
                                      60,560
                                      79,660
or the year ended 30 Jun 2002
                                  S$
           Sales                304,320




                                304,320

           Gross Profit b/d      73,120
           Discount received      2,240
                                75,360

         Net Profit b/d         27,560


30 Jun 2002
                                 S$
         Owner's Equity
         Capital                49,000
         Add: Net Profit        27,560
                                76,560
         Less: Drawings         16,100
                                60,460
         Current Liabilities:
         Creditors              19,200


                                79,660

								
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