Profit or Loss Statement Practice Question

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This question has been extracted from the G.C.E O/L Grade 11 test book – Activity 04 page no. 58

Question 

The following figures have been extracted from the business of Malee for the year ended 31.12.20xx.

List of Final balances

All the goods purchased have been sold.

Required:        Prepare the Profit or Loss Statement for the year ended 31.12.20xx.

 

Answer

Profit or Loss Statement of a Sole Proprietorship

* All the goods purchased have been sold refers to no closing stock as at 31.12.20xx.

 

 

 

Categories: Accounting

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