B Barnes is a dealer who has not kept proper books of account. At 31 October 20X3
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B Barnes is a dealer who has not kept proper books of account. At 31 October 20X3 his state of affairs was as follows:
During the year to 31 October 20X4 his drawings amounted to £32,200. Winnings from the Lottery of £7,600 were put into the business. Extra fixtures were bought for £900. At 31 August 20X4 his assets and liabilities were: Cash £190; Bank overdraft £1,810; Stock £23,900; Creditors for goods £9,100; Creditors for expenses £320; Fixtures to be depreciated £370; Van to be valued at £5,440; Debtors £29,400; Prepaid expenses £460.
Draw up a statement showing the profit and loss made by Barnes for the year ended 31 October 20X4.
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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