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Illustration

The following balances were extracted from the books of Adetoro enterprises for the year ended 31st October 1996.

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Stock @ close 31st October 1996 was N9300.

You are required to prepare: Trading profit and Loss account for the year ended 31st December 1996.

Solution

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Evaluation Questions

1. Explain Profit and loss Account

2. List and Explain three (3) items in profit and loss account.

3. State the uses of profit and loss account

4. Prepare Trading Profit and loss account.

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