Mary has a general dealer business and uses the periodic inventory system to keep records of buying and selling goods. The following information was extracted from the accounting records for financial year ended 30 June 2020. 1. Trading inventory at 30 June 2021 was taken and valued at R203 400. 2. Neil took inventory worth R18 100 for his personal use. This has not been recorded in the above accounting records. 3. Insurance on goods transported from suppliers for R7 400 is also not yet included in the above information. Required: Prepare only the trading section of the Statement of profit or loss and other comprehensive income for Mary’s General Dealers for the year ended

Mary has a general dealer business and uses the periodic inventory system to keep records of buying and selling goods. The following information was extracted from the accounting records for financial year ended 30 June 2020. 1. Trading inventory at 30 June 2021 was taken and valued at R203 400. 2. Neil took inventory worth R18 100 for his personal use. This has not been recorded in the above accounting records. 3. Insurance on goods transported from suppliers for R7 400 is also not yet included in the above information. Required: Prepare only the trading section of the Statement of profit or loss and other comprehensive income for Mary’s General Dealers for the year ended

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 8P: Retail Inventory Method Red Department Store uses the retail inventory method. Information relating...

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