Happy did not keep proper books of account. At 31 August 20X8 his balances were: Details of
Question:
Happy did not keep proper books of account. At 31 August 20X8 his balances were:
Details of transactions in year to 31 August 20X9:
At 31 August 20X9 the assets and liabilities were:
Depreciation on tools £600, lorry now valued at £2,500, trade receivables £15,821, prepaid expenses £72, inventories £21,491, trade payables £6,002, payables for expenses £236, cash £84, bank overdraft £165.
Required
Draw up a statement showing the profit or loss made by Happy for the year ended 31 August 20X9.
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Related Book For 
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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