Mary oluwa operated the Lagos departmental store selling provision, clothing and hardware.The following details relate...

Mary oluwa operated the Lagos departmental store selling provision, clothing and hardware.The following details relate to the business for the year ended 31st December 1998
stock at first January,1998:
provisions 10000
clothing. 30000
hardware 45000

sales for 1998:
provisions. 2800000
clothing. 4800000
hardware. 4400000

purchases for 1998:
provisions. 480000
clothing. 790000
hardware. 950000
rent and rates. 635000
lighting and cooling. 1200000
insurance. 450000
carriage inward. 300000
carriage outward 45000
administration expenses 105000
wages and salaries. 206000
fixe assets. 4500000

Addition information
(a) closing stock was 20% more than the closing stock of 1997
(b) carriage outward expenses are to be apprortioned 1/2 to hardware,the remainder equally between provision and closing
(c)rent and rates administration expenses and wages and salaries are to be apprortioned on the bases of sales
(d)All other expenses are be apprortioned equally
(e)fixed assets are depreciated at 10% for annum

you are prepared the department, trading,profit and loss account to show departmental and total profit?

In Accounting
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Asked by olamiju on 23rd January, 2024