Nurvish, who does not keep proper records for his business, supplies the following information. In the year

Question:

Nurvish, who does not keep proper records for his business, supplies the following information.

In the year ended 30 June 2004, Nurvish paid suppliers $54 000.

Nurvish sells his goods at a gross profit margin of 40%.

On 17 January 2004, Nurvish's premises were flooded and stock that cost $5000 was damaged and could only be sold at half cost price.

In the year ended 30 June 2004, Nurvish took goods which cost $1300 for his personal use.

Required

Prepare Nurvish's Trading Account for the year ended 30 June 2004.

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Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

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Question Posted: Aug 27, 2023 08:51 AM

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Nurvish, who does not keep proper records for his business, supplies the following information. In the year

Question:

Stock of goods Creditors for goods 1 July 2003 $ 16 000 3 600 30 June 2004 $ 11 000 5 200

Step by Step Answer:

Trading Account for the year ended 30 June 2004 Particulars Amount Opening Stock 16000 Purchases 540...View the full answer

Accounting A Level And AS Level

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