Kelly is a trader. Her financial year ends on 31st March. The balances remaining on her books on 31st March 2017 after calculating gross profit for the year included the following: $ Gross profit 39 100 Capital 50 000 Drawings 2 340 Wages 18 650 Office expenses 4 470 Motor expenses 1 570 Discount allowed 250 Rent 9 600 Insurance 2 400 Carriage outwards 1 160 Advertising cost 3 110 Discount received 3 000 Prepare Kelly’s Income statement starting with gross profit and calculate the profit or loss for the year ended 31st March 2017.
Kelly is a trader. Her financial year ends on 31st March. The balances remaining on her books on 31st March 2017 after calculating gross profit for the year included the following: $ Gross profit 39 100 Capital 50 000 Drawings 2 340 Wages 18 650 Office expenses 4 470 Motor expenses 1 570 Discount allowed 250 Rent 9 600 Insurance 2 400 Carriage outwards 1 160 Advertising cost 3 110 Discount received 3 000 Prepare Kelly’s Income statement starting with gross profit and calculate the profit or loss for the year ended 31st March 2017.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 33P
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Kelly is a trader. Her financial year ends on 31st March. The balances remaining on her books on 31st March 2017 after calculating gross profit for the year included the following:
|
$ |
Gross profit |
39 100 |
Capital |
50 000 |
Drawings |
2 340 |
Wages |
18 650 |
Office expenses |
4 470 |
Motor expenses |
1 570 |
Discount allowed |
250 |
Rent |
9 600 |
Insurance |
2 400 |
Carriage outwards |
1 160 |
Advertising cost |
3 110 |
Discount received |
3 000 |
Prepare Kelly’s Income statement starting with gross profit and calculate the profit or loss for the year ended 31st March 2017.
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