FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Market Efficiency
Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…
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Question 20.5

The following information is relevant for Questions 20.4 and 20.5. A is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 November 20X3. 24 Trade receivables, 1 December 20X2 Trade payables, 1 December 20X2 Cash received from customers Cash paid to suppliers 130,000 60,000 687,800 302,800 2,960 4,160 Discounts received Irrecoverable debts Amount due from a customer who is also a supplier offset against an amount due for goods supplied by him Trade receivables, 30 November 20X3 Trade payables, 30 November 20X3 2,000 181,000 84,000 20.4 Based on the above information, what should be the figure for sales revenue in A's statement of profit or loss for the year ended 30 November 20X3?
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Transcribed Image Text:The following information is relevant for Questions 20.4 and 20.5. A is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 November 20X3. 24 Trade receivables, 1 December 20X2 Trade payables, 1 December 20X2 Cash received from customers Cash paid to suppliers 130,000 60,000 687,800 302,800 2,960 4,160 Discounts received Irrecoverable debts Amount due from a customer who is also a supplier offset against an amount due for goods supplied by him Trade receivables, 30 November 20X3 Trade payables, 30 November 20X3 2,000 181,000 84,000 20.4 Based on the above information, what should be the figure for sales revenue in A's statement of profit or loss for the year ended 30 November 20X3?
20.5 Based on the above information, what figure should appear in A's statement of profit or loss for the year ended 30 November 20X3 for purchases? $283,760 $325,840 $329,760 $331.760 ABCD
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Transcribed Image Text:20.5 Based on the above information, what figure should appear in A's statement of profit or loss for the year ended 30 November 20X3 for purchases? $283,760 $325,840 $329,760 $331.760 ABCD
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