1. 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

2. 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

3. 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

4. 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

5. 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