Q.Prepare a Trading Account of a trader for the year ending 31 December,2014 from the followingdata:ParticularStock on 1-1-20142,40,000Cash purchases for the year2,08,000Credit purchase for the year4,00,000Cash sales for the year3,50,000Credit sales for the year6,00,000Purchases returns during the year8,000Sales returns during the year10,000Direct expenses incurred: FreightCarriageImport dutyClearing Charges10,0002,0008,00012,000Cost of goods distributed as free sample during the year5,000Goods withdrawn by the trader for personal use2,000Stock damaged by fire during the year13,000The cost of unsold stock on 31 December, 2014 was Rs. 1,20,000 but its market value was Rs. 1,50,000

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Q.Prepare a Trading Account of a trader for the year ending 31 December,2014 from the following data: Particular

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Q.Prepare a Trading Account of a trader for the year ending 31 December,2014 from the following
data:
Particular
Stock on 1-1-2014
2,40,000
Cash purchases for the year
2,08,000
Credit purchase for the year
4,00,000
Cash sales for the year
3,50,000
Credit sales for the year
6,00,000
Purchases returns during the year
8,000
Sales returns during the year
10,000
Direct expenses incurred: Freight
Carriage
Import duty
Clearing Charges
10,000
2,000
8,000
12,000
Cost of goods distributed as free sample during the year
5,000
Goods withdrawn by the trader for personal use
2,000
Stock damaged by fire during the year
13,000
The cost of unsold stock on 31 December, 2014 was Rs. 1,20,000 but its market value was Rs. 1,50,000

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