Accounting Coach

Exercise 20
Trading Account

Your Task

Your task in this exercise is to prepare a Trading Account so that you can calculate and show the Gross profit earned using the following information.

Your Information

A business has opening stock of clothing on 1 January worth $2,000.

During the month of January it purchased the following clothing:

5 January

100

 Shirts

@

$15.00

Each

10 January

150

 Socks

@

$ 7.00

Each

15 January

90

 Shorts

@

 $15.00

Each

25 January

70

 Track Suits

@

 $65.00

Each

Closing stock of clothing on 31 January was worth $8,500

Sales of clothing in January was $4,500

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