Mary has a general dealer business and uses the periodic inventory system to keep records of buying and selling goods. The following information was extracted from the accounting records for financial year ended 30 June 2020. 1. Trading inventory at 30 June 2021 was taken and valued at R203 400. 2. Neil took inventory worth R18 100 for his personal use. This has not been recorded in the above accounting records. 3. Insurance on goods transported from suppliers for R7 400 is also not yet included in the above information. Required: Prepare only the trading section of the Statement of profit or loss and other comprehensive income for Mary’s General Dealers for the year ended
Mary has a general dealer business and uses the periodic inventory system to keep records of buying and selling goods. The following information was extracted from the accounting records for financial year ended 30 June 2020. 1. Trading inventory at 30 June 2021 was taken and valued at R203 400. 2. Neil took inventory worth R18 100 for his personal use. This has not been recorded in the above accounting records. 3. Insurance on goods transported from suppliers for R7 400 is also not yet included in the above information. Required: Prepare only the trading section of the Statement of profit or loss and other comprehensive income for Mary’s General Dealers for the year ended
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 8P: Retail Inventory Method Red Department Store uses the retail inventory method. Information relating...
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Mary has a general dealer business and uses the periodic inventory system
to keep records of buying and selling goods. The following information was
extracted from the accounting records for financial year ended 30 June 2020.
1. Trading inventory at 30 June 2021 was taken and valued at R203 400.
2. Neil took inventory worth R18 100 for his personal use. This has not been
recorded in the above accounting records.
3. Insurance on goods transported from suppliers for R7 400 is also not yet included
in the above information.
Required:
Prepare only the trading section of the Statement of profit or loss and other
comprehensive income for Mary’s General Dealers for the year ended
30 June 2021.
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