The following trading account relates to the business of Chappell Ltd.

However, the following issues were later discovered:
1 A motor vehicle used within the business was sold and the £725 revenue earned was included within the sales figure.
2 Furniture for the office was included within the purchases figure. The cost of this furniture was £1,160.
3 The figure for carriage inwards included carriage inwards on goods purchased of £279. The remainder of the carriage expense related to the delivery charge for the office furniture.
Based on the above information produce a redrafted trading account.

Transcribed Image Text:

Chappell Ltd: Trading Account Sales Less cost of goods sold: Opening inventory Add Purchases Add Carriage inwards Less Closing inventory Gross profit 590 4,563 5,153 454 5,607 667 9,800 4,940 4,860