From the above trail balance, prepare for the year ended March 31, 1996, Lester's brook's(i) trading profit and loss account(ii)Balance sheet Lester Brooks Trial BalanceAs at March 31, 1996DRCR37 000CapitalCash3 5251 500Bank (o/d)Rent paid700Purchases14 225Stock March 1, 199517 550635Discount ReceivedDiscount Allowed440Purchases return725Carriage inwards135Sales return350Carriage outwards23020 135SalesMachinery15 0007,000845FurnitureDebtors1005Creditors1 00061 000Drawings61 060Stock on March 31 1996 S18 000

Trading and profit and loss account is also called statement of profit and loss. Shows net profit or…

Answered: From the above trail balance, prepare…

From the above trail balance, prepare for the year ended March 31, 1996, Lester's brook's (i) trading profit and loss account (ii)Balance sheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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From the above trail balance, prepare for the year ended March 31, 1996, Lester's brook's (i) trading profit and loss account (ii)Balance sheet

Lester Brooks Trial Balance
As at March 31, 1996
DR
CR
37 000
Capital
Cash
3 525
1 500
Bank (o/d)
Rent paid
700
Purchases
14 225
Stock March 1, 1995
17 550
635
Discount Received
Discount Allowed
440
Purchases return
725
Carriage inwards
135
Sales return
350
Carriage outwards
230
20 135
Sales
Machinery
15 000
7,000
845
Furniture
Debtors
1005
Creditors
1 000
61 000
Drawings
61 060
Stock on March 31 1996 S18 000

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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