the accounting records for financial year ended 30 June 2020. List of selected accou
5.2 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.
List of selected accounts at 30 June 2021 R
Trading inventory : 1 July 2020 225 000
Purchases 916 400
Sales 1 668 800
Purchases returns 17 300
Sales returns 20 700
Settlement discounts received 32 600
Settlement discounts granted 17 900
Transport inwards (from suppliers) 45 200
Transport outwards (to customers) 23 100
Additional information:
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
30 June 2021
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What is the gross profit and how do i calculate it
by Bartleby ExpertPrepare only the trading section of the Statement of profit or loss and other comprehensive
income for Mary’s General Dealers for the year ended 30 June 2021.
by Bartleby Expert
