Prepare a trading statement showing gross profit for the, Ask an Expert

Accounting

DiscountInventory 1 July 25000
Purchases on credit 248 400
Freght inwards paid 21600
Payment to account payable 241 500
received 4 800
Sales on credit 41 6000
Receipts from accounts receivable 424 000
Discount allowed 5 400
Stocktate at 30 June 2013 showed total 33 000 (ignore gst)

Prepare a trading statement showing gross profit for the year assuming a periodic inventory system is used.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9433978

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