Trading, profit and loss account for the month ended 31/1/95
For the month ended 31/1/95
₦ ₦
Sales 8200
Cost of sales:
Purchases 15000
Closing stock (10000) (5000)
Gross profit 8200
Gross profit b/d 8200
Sales commission 500
Rent 1000 (1500)
Net profit 1700
WORKINGS:
Rent paid for 12 months 12000
Rent paid for one month
12000 x 1/12 (1000)
Prepaid rent 11000
Balance sheet as at 31/1/95
Noncurrent asset:
Furnishing 10000
Ceiling fan 1500 11500
Current asset:
Cash (see cash account) 9200
Inventory 10000
Prepaid rent (see above) 11000 30200
41700
Capital 40000
Net profit (see p&l) 1,700
41700
