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.

Show your answer in the form of a trading account.

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Frank Woods Business Accounting Volume 1

ISBN: 9780273681496

10th Edition

Authors: Frank Wood, Alan Sangster

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Question Posted: Aug 19, 2023 11:08 PM

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G Flynn is a trader who sells all of his goods at 20% above cost. His books

Question:

Stock 1 January 20X7 Stock 31 December 20X7 Sales for year f 19,400 26,660 155,880

Step by Step Answer:

Trading Account for the Year Ended 31 December 20X7 Particulars Amount Sales 155880 Opening Stock 19...View the full answer

Frank Woods Business Accounting Volume 1

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