Ivor Innes has supplied you with the following information: During the year to 31 March 20X8, Ivor
Question:
Ivor Innes has supplied you with the following information:
During the year to 31 March 20X8, Ivor withdrew £11,400 from the business for private purposes. In November 1996, Ivor received a legacy of £18,000 which he paid into the business bank account. Ivor agrees that £600 should be provided for depreciation of fixtures and £200 for doubtful debts.
Required:
Prepare a balance sheet as at 31 March 20X8 which clearly indicates the net profit for the year.
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Lets start by calculating the net profit for the year ending 31 March 20X8 The net profit is calcula...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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