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PETER JOSEPH

TRADING PROFIT AND LOSS ACCOUNT


FOR THE YEAR ENDED 30 SEPTEMBER 2013
DETAILS

Sales

20,400

Less Return Inwards

(600)

Net Sales

19,800

LESS: COST OF GOODS SOLD


Opening Stock

1,000

Add Purchases

12,800

Less: Return Outwards

(1,300)

Net Purchases

12,500

Less Closing Stock

(2,000)

Cost of Goods Sold

Gross Profit

__________
2,560,000

Less Closing Stock

1580000

9,80,000

Gross Profit

753,000

Add Discount Received

20400
773,400

Less Expenses:
Carriage Out

23,000

Staf

70,000

Discount Allow

24,025

Utilities (4,000- 5,000)

35,000

Moto Expenses

30,000

Loan Interest (6,00030,000)

90,000

Rent (120,000+30,000)

130,000

Prov For Bad Debt

32,000

Depreciation
Fittings
Net Profit

Moto Van

123000

Fixtures And

25,000

582,275
191,125