The year-end Trial Balance of a general store owned by Dolly Stress has been extracted as shown.
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The year-end Trial Balance of a general store owned by Dolly Stress has been extracted as shown. You have been informed as follows:
(a) On the basis of a physical count the cost of inventory held on 30 June 2011 is established as £715,000.
(b) The following have not been accounted for: Goods costing £3,000 taken home by Dolly Goods costing £12,000 have gone missing.
(c) All expenses have been paid in full.
(d) Ignore depreciation of non-current assets.
Required:
(a) The Statement of income for the year ended 30 June 2011; and
(b) the Statement of financial position as at that date.
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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