# Accounts of the sole trader

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7 Module 2 Unit 1 7 Hint Remember that in Module 1 we learnt that stock is always valued at the lower of cost or net realisable value. ACTIVITY 2 Trading Account for the year ended 31 December 20.2 N\$ N\$ N\$ Sales Less Returns Inwards Less Cost of sales Opening stock Purchases Less Returns Outwards Less Purchases (Drawings) Plus Carriage inwards Less Closing stock Gross profit Peter Hiskia owns a retail shop selling waterproof jackets. On 1 April he had a stock of 40 jackets which had cost him N\$10 each. During the month of April he purchased 150 jackets for N\$12 each. Peter sells the goods in the order in which he received them. His sales for the month of April were 130 jackets at N\$16 each. Prepare Peter s Trading Account for the month ending 30 April 20.6 showing the stock on 30 April and the gross profit for the month. This should take you no more than 10 minutes. The Profit and Loss Account Gross plus Other less Expenses equals Net profit income profit Joe s gross profit of N\$ is transferred (brought down) from the Trading Account to the credit side of the Profit and Loss Account. All his business expenses are entered on the debit side of this account. The total of these is deducted from gross profit to show Joe s net profit for the year. dr Profit and Loss Account cr 20.2 N\$ 20.2 N\$ Dec 31 Wages Dec 31 Trading Account Lighting and (Gross Profit) heating Advertising Insurance Depreciation of Fixtures and Fittings Capital (Net Profit)

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