G Flynn is a trader who sells all of his goods at 20% above cost. His books
Question:
G Flynn is a trader who sells all of his goods at 20% above cost. His books give the following information at 31 December 20X7:
You are required to:
(a) Ascertain cost of goods sold.
(b) Show the value of purchases during the year.
(c) Calculate the profit made by Flynn.
Show your answer in the form of a trading account.
Transcribed Image Text:
Stock 1 January 20X7 Stock 31 December 20X7 Sales for year f 19,400 26,660 155,880
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Trading Account for the Year Ended 31 December 20X7 Particulars Amount Sales 155880 Opening Stock 19...View the full answer
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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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