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    Profit and Loss Account Expenses Income

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    Ankit Aggarwal
    The document shows the profit and loss account of a company for a period. It lists expenses like opening inventory, purchases, wages, utilities and supplies amounting to Rs. 97445. Income includes sales, credit sales and closing inventory amounting to the same figure. After accounting for expenses like depreciation, insurance and taxes, the net profit for the period is Rs. 19635.

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    Profit and Loss Account Expenses Income

    Uploaded by

    Ankit Aggarwal
    146 views10 pages
    The document shows the profit and loss account of a company for a period. It lists expenses like opening inventory, purchases, wages, utilities and supplies amounting to Rs. 97445. Income includes sales, credit sales and closing inventory amounting to the same figure. After accounting for expenses like depreciation, insurance and taxes, the net profit for the period is Rs. 19635.

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    Original Title

    Maynard Company

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    The document shows the profit and loss account of a company for a period. It lists expenses like opening inventory, purchases, wages, utilities and supplies amounting to Rs. 97445. Income includes sales, credit sales and closing inventory amounting to the same figure. After accounting for expenses like depreciation, insurance and taxes, the net profit for the period is Rs. 19635.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    146 views10 pages

    Profit and Loss Account Expenses Income

    Uploaded by

    Ankit Aggarwal
    The document shows the profit and loss account of a company for a period. It lists expenses like opening inventory, purchases, wages, utilities and supplies amounting to Rs. 97445. Income includes sales, credit sales and closing inventory amounting to the same figure. After accounting for expenses like depreciation, insurance and taxes, the net profit for the period is Rs. 19635.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 10

    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

    5-21798 = 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
    and 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

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