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Profit and Loss Account

Expenses Income

Opening Inventory 29835 Sales


Credit Sales
Accounts Receivable*
Purchases:
*Cash Purchases 14715 Closing Inventory
*Credit Purchases 21315
Accounts Payable (-8517)
Payment on Accounts Payable (+8517)
36030
Wages 5888
Utilities Paid 900
Supplies 600

Gross Profit c/d 24192

TOTAL 97445 TOTAL

Depriciation Gross Profit b/d


*Building 157950
-156000
1950
*Equipment 5928
-5304
624
Insurances 3150
-2826
324
Miscellaneous 135

3033

Income before income tax 24192


-3033
21159

Income tax expense 7224


-5700
1524

Net Profit c/d 21159


-1524
19635
TOTAL 24192 TOTAL

Dividends 11700 Net Profit b/d


Retained Earnings 229446
-221511
7935

TOTAL 19635 TOTAL


Income Wages to be debited to PnL A/c
Cash paid during the month
44420 less: o/s at the beginning
21798 add: o/s at the end
4707
70925
26520

Supplies = 5559+1671-6630 =

Accounts Receivable = 26505-21798 = 4707

97445

24192
24192

19635

19635
Rs.
5660
1974
2202

5888

600

= 26505-21798 = 4707
Profit and Loss Account
Expenses

Opening Inventory 29835

Purchases:
*Cash Purchases 14715
*Credit Purchases 21315
Accounts Payable (-8517)
Payment on Accounts Payable (+8517)
36030
Wages 5888

Gross Profit c/d 25692

TOTAL 97445

Utilities Paid 900


Supplies* 600

Depriciation
*Building 157950
-156000
1950
*Equipment 5928
-5304
624
Insurances 3150
-2826
324
Miscellaneous 135

4533

Income before income tax 25692


-4533
21159

Income tax expense 7224


-5700
1524

Net Profit c/d 21159


-1524
19635
TOTAL 25692

Dividends 11700
Retained Earnings 229446
-221511
7935

TOTAL 19635
nd Loss Account
Income

Sales 44420
Credit Sales 21798
Accounts Receivable* 4707
70925
Closing Inventory 26520

TOTAL 97445

Gross Profit b/d 25692


TOTAL 25692

Net Profit b/d 19635

TOTAL 19635
Wages to be debited to PnL A/c Rs.
Cash paid during the month 5660
less: o/s at the beginning 1974
add: o/s at the end 2202

5888

Supplies = 5559+1671-6630 = 600

Accounts Receivable = 26505-21798 = 4707