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From the following information, prepare ...

From the following information, prepare Trading Account for the year ended 31st March, 2019: Adjusted Purchases Rs 6,60,000, Sales Rs 7,44,000: Closing Stock Rs 50,400, Freight and Carriage Inwards Rs 3,600, Wages Rs 6,000, Freight and Cartage Outwards Rs 2,000

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The correct Answer is:
Gross Profit - Rs 74,400
1. Adjusted Purchases = Opening Stock + Net Purchases - Closing Stock
2. Closing Stock is not shown on the credit side of the Trading Account because it is already adjusted while calculating the adjusted purchases.
3. Freight and Cartage Outwards are indirect expense and hence are not debited to Trading Account
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