3. The accountant of Harvey Imports provides trading information for the year ending30 June 2018. As most stock is imported, customs duty is paid on many items of stock.There are also delivery charges incurred.At 30 June 2018, the records of Harvey Imports provide the following details:Purchases ledger balanceStocktake at 30 June 2018Customs Duty account balanceOpening inventoryFreight Inwards account balanceSales account balance$32,300$7,500$1,600$32,000$1,550$51,800Required: Prepare a Trading Statement for the year ending 30 June 2018.

Solution The trading account is part of financial statement. Which is used to record the sales,…

Answered: Required: Prepare a Trading Statement…

Business

Accounting

Required: Prepare a Trading Statement for the year ending 30 June 20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

3. The accountant of Harvey Imports provides trading information for the year ending
30 June 2018. As most stock is imported, customs duty is paid on many items of stock.
There are also delivery charges incurred.
At 30 June 2018, the records of Harvey Imports provide the following details:
Purchases ledger balance
Stocktake at 30 June 2018
Customs Duty account balance
Opening inventory
Freight Inwards account balance
Sales account balance
$32,300
$7,500
$1,600
$32,000
$1,550
$51,800
Required: Prepare a Trading Statement for the year ending 30 June 2018.

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