By S. Hall, N. Skene Smith

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Extra resources for Accounting Principles and Practice. The Commonwealth and International Library: Commerce, Economics and...

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In practice, a deviation from the above principles is commonly accepted. The Accounting profession prides itself on its conservatism. It is always unwilling to anticipate gains but ready to recognize losses. " Where the market price has fallen below the cost, the former figure is used. The charge against Sales is then above the actual cost of the Goods sold. The Trading and Profit & Loss Account, We are now ready to translate the Profit Statement into the form of an account. The rules already given still apply.

By Cash 600 Cr. /. Rosewall £ 680 Ίο Balance b/d Cr. Stock Accouut £ To Trading A/c 640 Capital Account 1962 Jan. 1 Mar. 31 Dr. Cr. A/C, Net Profit £ 2,000 236 £2,236 These balances are summarised in the form of a Balance Sheet Balance Sheet as at 31st March, 1962 £ £ Capital: Balance at 1st Jan. 1962 Add Net Profit for period 2,000 236 1,260 Stock 640 Debtor 680 Cash 256 2,236 Liability L o a n --A. Rose £ Assets: Motor Van 600 £2,836 £2,836 FINAL ACCOUNTS 29 It is helpful to ask, Why does this (or any other) Balance Sheet balance?

31 Stock Account £ 1962 640 June 30 To Trading A/c June 30 To Trading A/c (say) By Trading A/c Cr. £ 640 800 On 30th June, two entries are made in the Trading Account. On the debit is charged the value of the stock at the beginning of the period—£640. On the credit is entered the new stock on hand—£800. Only one figure for stock appeared in the Trading Account of Example 6 because this was a new business and there was no opening stock. The Net Profit figure is transferred to the credit of Capital Account.

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