CHAPTER 40 FINAL ACCOUNTS 1 26/05/2019 CHAPTER 40 FINAL ACCOUNTS 1 Based on Qs 7 and 8, and 11 and 12 in the Textbook, Page 372 This is the Title Slide R. DELANEY

Q7 Trading A/C at 31/12/12 € € € Cash sales 500,000 Less Cost of Sales R. Delaney Q7 Trading A/C at 31/12/12 € € € Cash sales 500,000 Sales minus cost of goods sold = gross profit Less Cost of Sales Opening stock 15,000 Cash purchases 425,000 Carriage inwards 5,500 Cost of goods available for sale 445,500 Less closing stock 12,000 Cost of Goods sold 433,500 Gross Profit 66,500

Q8 Trading A/C at 31/12/12 € € € Cash sales 235,000 Less Cost of Sales R. Delaney Q8 Trading A/C at 31/12/12 € € € Cash sales 235,000 Sales minus cost of goods sold = gross profit Less Cost of Sales Opening stock 36,000 Cash purchases 150,000 Import duties 8,000 Cost of goods available for sale 194,000 Less closing stock 18,500 Cost of goods sold 175,500 Gross Profit 59,500

Q11 Trading A/C at 31/12/12 € € € Sales 123,500 Less sales returns R. Delaney Q11 Trading A/C at 31/12/12 € € € Sales 123,500 Less sales returns 25,000 98,500 Sales minus cost of goods sold = gross profit Less Cost of Sales Opening stock 37,000 Purchases 56,000 Less purchases returns 7,000 49,000 Carriage inwards 6,000 Cost of goods available for sale 92,000 Less closing stock 28,000 Cost of goods sold 64,000 Gross profit 59,500

Q12 Trading A/C at 31/12/12 € € € Sales 321,500 Less sales returns R. Delaney Q12 Trading A/C at 31/12/12 € € € Sales 321,500 Less sales returns 52,000 269,500 Less Cost of Sales Sales minus cost of goods sold = gross profit Opening stock 45,000 Purchases 80,000 Less purchases returns 7,000 73,000 Carriage inwards 3,500 Import duty 1,500 Cost of goods available for sale 123,000 Less closing stock 25,000 Cost of goods sold 98,000 Gross profit 223,500