The following Trial Balance was extracted from the Books of Natasha, a Sole trader, as at...

 

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The following Trial Balance was extracted from the Books of Natasha, a Sole trader, as at 31 December 2020. Capital Furniture and Fittings Purchases Sales Stock 1 January 2020 Debtors Creditors Returns inwards Returns outwards Motor vehicle (K) 140, 530 11.700 616, 200 842,400 59,800 68.900 50,700 168, 480 123,240 42,900 Carriage inwards 31,200 Rent and rates 21.580 Provision for bad debts 1 January 2020 1.560 Bad debts 6,370 Discount allowed 69.940 Discount received 94, 120 Wages and salaries 71,500 Stationary 10, 400 Drawings 23,400 Cash Bank NOTE: 12,350 37,830 0770312 Stocks on 31 December 2020 were valued at K83, 720 You are required to prepare Trading, Profit and Loss Account for the year ended 31 December 2020 [25 marks] The following Trial Balance was extracted from the Books of Natasha, a Sole trader, as at 31 December 2020. Capital Furniture and Fittings Purchases Sales Stock 1 January 2020 Debtors Creditors Returns inwards Returns outwards Motor vehicle (K) 140, 530 11.700 616, 200 842,400 59,800 68.900 50,700 168, 480 123,240 42,900 Carriage inwards 31,200 Rent and rates 21.580 Provision for bad debts 1 January 2020 1.560 Bad debts 6,370 Discount allowed 69.940 Discount received 94, 120 Wages and salaries 71,500 Stationary 10, 400 Drawings 23,400 Cash Bank NOTE: 12,350 37,830 0770312 Stocks on 31 December 2020 were valued at K83, 720 You are required to prepare Trading, Profit and Loss Account for the year ended 31 December 2020 [25 marks]

Answer rating: 100% (QA)

To prepare the Trading Profit and Loss Account for the year ended 31 December 2020 we need to calcul... View the full answer