1.Describe three (3) techniques of constructing accounts from incomplete records
Inventory 1.1.2020 $4000
Inventory 31.12.2020 6000
Purchases 52,000
A uniform rate of markup of 20% is applied.
Required: Calculate the gross profit and the sales figures using the income statement approach.
3
Jan 1, 2020Dec 31, 2020
Building 1,000,000 1,0000,00
Fixtures and fittings 250,000 250,000
Loan 800,000 800,000
Stock 120,000 155,000
Bank 200,000 535,000
Receivables 85,000 100,000
Payables 56,000 75,000
Goods taken for personal use amounted to $5,0000.
Required :
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Calculate the gross profit and the sales figures using the income statement approach.
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