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Prepare the trading profit and loss account for the year

The following balances were extracted from the books of accounts of Mambo Leo Enterprises as at 31st December 2010.

Shs.

Stock (31st December 2010) 294,600

Carriage outwards 20,000

Carriage inwards 31,000

Return outwards 32,200

Purchases 1,187,000

Sales 1,851,000

Discounts received 19,000

Salaries and wages 362,800

Discounts allowed 30,400

Insurance 36,800

Stock (1st January 2010) 236,000

Required

Prepare the trading, profit and loss account for the year ended 31st December 2010.

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Accounting Basics: Prepare the trading profit and loss account for the year

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