Saeed does not keep proper books of account for his business but he has provided the following
Question:
Saeed does not keep proper books of account for his business but he has provided the following details of his assets and liabilities.
Further information
1. Land and buildings have been revalued at $90 000 at 30 June 2004.
2. Office machinery at 30 June 2004 included a computer costing $1400, which Saeed had paid for from his personal bank account.
3. Saeed had withdrawn $200 per week from the business in cash, and a total of $2000 of goods for his own use during the year to 30 June 2004.
Required
Calculate Saeed's profit or loss for the year ended 30 June 2004.
Transcribed Image Text:
de slood poreng At 1 July 2003 At 30 June 2004 mayrollol DE $100 60 000 12 000 2 7 000 Le Land and buildings at cost Fixtures and fittings Office machinery Stock Trade debtors Rent prepaid Bank balance Trade creditors Wages owing Juta De 60 000 10 000 8.000 17.000 4.000 1.000 14 000 3.000 2 000 21 000 177 Bond 5 000 THOUT 600 MOTORN 16 000 NA 1 600 ciolent 1 000 Suomes
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To calculate Saeed s profit or loss for the year ended June 30 2004 we need to determine his net income taking into account the changes in his assets ...View the full answer
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