EXERCISE
48. On a certain date a trial balance of the ledger of Henry Donnely, shipper of produce, stood as follows:
| DEBITS | ||
|---|---|---|
| Purchases of apples | $1,264.00 | |
| Purchases of potatoes | 1,500.00 | |
| Shipment Ledger Account | 736.00 | |
| Cash | 450.00 | |
| CREDITS | ||
| Shipment Account—apples | 1,200.00 | |
| Shipment Account—potatoes | 1,200.00 | |
| Profit on Shipments—apples | 250.00 | |
| Profit on Shipments—potatoes | 350.00 | |
| Accounts Payable | 950.00 | |
| During a subsequent period, his transactions were as follows: | ||
| Cash purchases of apples | 1,000.00 | |
| Cash purchases of potatoes | 1,000.00 | |
| Shipments of apples | 900.00 | |
| Shipments of potatoes | 1,100.00 | |
| Profits on apples | 100.00 | |
| Profits on potatoes | 200.00 | |
| Account Sales for which cash was received | 1,800.00 | |
| Account sales charged to Agts. | 600.00 | |
| Shipment Ledger Account decreased | 100.00 | |
| Sundry expenses paid in cash | 50.00 | |
| Inventory at end of period | ||
| Apples | 210.00 | |
| Potatoes | 190.00 | 400.00 |
Prepare trading and profit and loss accounts showing net profits or losses on both apples and potatoes for the entire period represented by the accounts.