Performa of Trading Account

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Trading Account

(for the period ending December 31, 2015)

Dr.                                                                                                                                                      Cr.

Expenses/Losses Amount $ Revenue/Gain Amount $
To Opening StockOr

Stock (1-1 -2012 or opening date

of accounting period) or

Stock in the beginning or

 

To Stock:

Raw material… …………. .

Work in progress or

Semi finished goods or

Partly manufactured goods

Finished Goods

 

To Purchases

Less : Purchases return

Or

Returns outward

Less : Goods taken by proprietor

(if in adjustment)

Less : Goods given as charity

(if in adjustment)

Less : Goods given as free sample

(if in adjustment)

 

To Carriage or cartage or

Carriage inward or

Carriage on purchases or

Carriage and freight

 

To Octroi or local taxes

 

To Import duty, customs,

Landing charges. clearing charges

 

To Wages or productive

Wages or manufacturing

Wages or direct wages or wages

and salaries

 

To Coal gas and water

 

To Fuel

 

To Heating and Lighting

To Power or motive power

To Manufacturing expenses

To Consumable stores

To Packing charges

To Assembling expenses

To Direct expenses

To Factory Expenses

To Productive expenses

To “Royalty

To Gross Profit transferred to PIL A/c.

(If credit side exceeds The debit side)

 

By SalesLess : Sales return

Or

Returns inward

 

By Closing stock

Or

Stock on 31-12-2012

Or

Stock at the end of the year

Or

By Stock :

Raw material

Work in progress

Finished goods

By Gross loss-transferred to PIL

A/c

(If debit side exceeds 1he credit side)

 

 

Illustration 1.Prepare trading account only from the following Trial balance of Chinese Corner  Hotel as on 31st March, 2003:

Dr.                              Cr.

$                                  $

Purchases ………… ……………………………………………………………. .15750

Sales ………………………………… ………………… ……………. …… .                                                21000

Returns inward …………………………………………………… …………….. .600

Opening stock …………………………………………………. ….. ………. .1300

Freight outward ……….. ………………. …………………………. ………… .65

Carriage inward ……………………………. ……………………………………. .50

Salaries and wages …………………….. ……………………………………… .572

Rent and taxes …………………………………………………………………… .226

Travelling expenses ……………………………………………………………. .187

Discount …………………………………………………………………………… .115

Commission ……………………………………………………………………… .108

Bank A/c ………………………………………………………………………… .6647

Trade Creditors ……………………………………………………….. .                                                   2700

Sundry debtors ……………………………………………………….. ………4380

Capital A/c …………………… ……………………………………….. .                                                   20000

Drawings A/c …………………………………………………. ……………… .2000

43700                                43700 

Closing Stock was estimated at $ 12.000.

Solution:                                                   Trading Account of Chinese Corner Hotel

                                                                       For the year ended 31st March, 2012

Expenses/Losses Amount $ Revenues/Gain Amount $
To Opening Stock

To Purchases

To Carriage Inward

To Gross Profit transferred to P/L N/c

 

13000

15750

50

3600

 

By Sales                   2100

Less : Returns       600

 

By Closing Stock

 

20400

12000

 

32400 32400

Notes: All direct expenses appearing in trial balance are collected from Trading account assets, liabilities and indirect expenses such as, rent, taxes, wages, salaries, freight outward are placed in the Profit and Loss account. Indirect expenses are entered in the debit side of Profit and Loss account since these are done to increase sale rate.

Capital, creditors and returns are placed in the liability side and Drawings, debtors and returns are placed under assets.

 

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