Jon Depp did not keep proper books of accounts. At 31 August 2021 his balances were:...

 

Transcribed Image Text:

Jon Depp did not keep proper books of accounts. At 31 August 2021 his balances were: Lorry (at valuation) Tools Inventory Trade receivables Bank Cash Trade payables Details of transactions in the year 31 August 2022 are as follows: Tools purchased Drawings Capital introduced At 31 August 2022 the assets and liabilities were as follows: depreciation on tools $600 - lorry now valued at $2,500 3,000 4,000 6,470 16,500 2,209 115 9.052 2,000 7,560 2,800 trade receivables $15,821 prepaid expenses $72 inventory $21,491 trade payables $6,002 payables for expenses $236 cash $845 bank overdraft $165 Required: Prepare a statement showing the profit or loss made by Jon Depp for the year ended 31 August 2022. Jon Depp did not keep proper books of accounts. At 31 August 2021 his balances were: Lorry (at valuation) Tools Inventory Trade receivables Bank Cash Trade payables Details of transactions in the year 31 August 2022 are as follows: Tools purchased Drawings Capital introduced At 31 August 2022 the assets and liabilities were as follows: depreciation on tools $600 - lorry now valued at $2,500 3,000 4,000 6,470 16,500 2,209 115 9.052 2,000 7,560 2,800 trade receivables $15,821 prepaid expenses $72 inventory $21,491 trade payables $6,002 payables for expenses $236 cash $845 bank overdraft $165 Required: Prepare a statement showing the profit or loss made by Jon Depp for the year ended 31 August 2022.

Answer rating: 100% (QA)

To calculate the profit or loss made by Jon Depp for the year ended 31 August 2022 we need to prepare a statement of profit or loss Heres how we can d... View the full answer