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Final Accounts CMA
By Sheela Warrier MeraSkill.com Š MeraSkill
Preparation of Final Accounts
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Index What and Why of Final Accounts Trading a/c Profit and Loss Account Year end Adjustments Profit and Loss Appropriation Account Balance Sheet Š MeraSkill
What and Why of Final Accounts
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Final Accounts of Firms Last leg of the process of Accounting To ascertain the results of the year To know the net worth
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Final Accounts of Firms Trading a/c Profit and Loss a/c Profit and Loss Appropriation a/c Balance Sheet
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Final Accounts for Trading Concerns
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Final Accounts of Non Manufacturing Concerns Trading a/c Profit and Loss a/c Balance Sheet
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Trading Account
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Trading Account - Equation Gross Profit = Sales- Cost Of Goods Sold (COGS) COGS = Opening Stock + Purchases - Closing Stock + Direct costs
Direct costs = Carriage inward , Wages, Custom duty etc on purchases, Transit insurance on purchase
Indirect costs = Administrative costs, Selling costs, General expenses, Financing costs (also called operating expenses) Š MeraSkill
Trading Account - Gross Profit If sales revenues are ₹ 4,00,000; cost of goods sold is ₹ 3,10,000 and operating expenses are ₹ 60,000, the gross profit is (a) ₹ 30,000. (b) ₹ 90,000. (c) ₹ 3,40,000. (d) ₹ 60,000
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Trading Account - Equation Opening Stock : ₹ 8,500 ; Purchases : ₹ 30,500; Direct expenses : ₹ 5,000 ; Indirect expenses : ₹ 5,200; Closing Stock
: ₹ 9,000 ; Sales : ₹ 42,000
Cost of goods sold ? Gross Profit ?
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Trading Account - Format
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Trading account - closing entries 1. Trading a/c
Dr To Opening Inventory To Purchases To Wages To Carriage inward To Other Direct costs To Sales Return
2. Sales a/c Dr Purchase return a/c Dr Abnormal loss of goods Dr Closing Stock a/c Dr Goods in transit a/c Dr To Trading a/c
3. Trading a/c To Profit and Loss a/c (with gross profit)
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