Purchase 400, stock 10/01/2011 200,stock 31/12/2011 150,wages 40, discount received 50, sales 750 light expenses 50, return inward 50, return outward 50, discount allowed 20, extract profit and loss ?

To calculate the profit and loss, we need to calculate the total expenses and total revenue first.

Total Revenue:
Sales: 750
Discount Received: 50
Total Revenue: 750 + 50 = 800

Total Expenses:
Stock on 10/01/2011: 200
Stock on 31/12/2011: 150
Wages: 40
Light Expenses: 50
Return Inward: 50
Return Outward: 50
Discount Allowed: 20
Total Expenses: 200 + 150 + 40 + 50 + 50 + 50 + 20 = 560

Profit/Loss:
Total Revenue - Total Expenses = 800 - 560 = 240

Therefore, the profit for the period is 240.

Profit and Loss Account

For the period 1st October 2011 to 31st December 2011

Revenue:
- Sales £750

Expenses:
- Purchases £400
- Wages £40
- Light expenses £50

Adjustments:
- Discount received £50
- Return inward £50
- Discount allowed £(20)
- Return outward £(50)

Net Profit: £240