could anyone show me how to calculate a Profit & loss acount n Balance sheet on these?

Question

Accountancy fees 27,000 DEBIT
Advertising 5,000 DEBIT
Capital 186,000 CREDIT
Carriage Inwards 3,600 DEBIT
Carriage outwards 1,400 DEBIT
Cash at bank 2,500 DEBIT
Debtors 12,000 DEBIT
Drawings 30,000 DEBIT
Electricity 3,000 DEBIT
Fixed assets costs 200,000 DEBIT
Fixed assets accumulated depreciation 40,000 CREDIT
Insurance 12,5000 DEBIT
Motor expenses 36,000 DEBIT
Purchases 209,000 DEBIT
Rent and rates 24,000 DEBIT
Returns in outwards 17,400 DEBIT
Returns outwards
Salaries 69,000 DEBIT
Sales 406,000 CREDIT
Stationery 4,000 DEBIT
Stock at 01.09.05 140,000 DEBIT
Telephone 3,600 DEBIT
Trade creditors 150,000 CREDIT

800,000 800,000

Answer 1

Would you like to check your figures? You have "Returns in outwards" 17,400. Is that returns inwards or outwards? If this is inwards, you have left returns outwards blank. Your trial balance doesn't balance. Also, you didn't give us the closing stock figure cos the stock of 140k at 1.9.05 must be the opening stock. Without the closing stock, you can't calculate cost of goods sold.

Answer 2

Profit & loss debit : Accountancy fees 27000
advertising 5000
carriage outwards 1400
electricity 3000
insurance 12,5000
motor expenses 36000
rent & rates 24000
salaries 69000
stationary 4000
telephone 3600
Profit & loss credit : depreciation on fixed assets 40000

balance sheet debit : cash at bank 2500
debtors 12000
fixed assets 200000
balance sheet credit : capital 186000
- drawings 30000

Trade creditors 150000
debtors

Answer 3

the steadiness sheet exhibits balances, oftentimes at 12 months end, including receivables, sources and so on. A P&L account exhibits gross sales / losses, turnover made in the time of that 12 months. the version between the above 2 is that the former exhibits balances at one evaluate time, on the comparable time because of the fact the latter exhibits transactions over a 12 month era. A procuring and merchandising actuality is a forecast of destiny earnings