The annual accounts of a trading company are to be made Up to December 31 but it was not possibleto carry out a stock taking until January 5 on which date the stock was valued at cost at $ 68,567. Thefollowing transactions took place between 1ª and 5th January:Goods received4,600Goods returned200Sales. 10,500Return by Customers .625The rate of gross profits is 25% of cost . Prepare a Statement to show the valuation of stock as atDecember 31".

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Description: The annual accounts of a trading company are to be made Up to December 31 but it was not possibleto carry out a stock taking until January 5 on which date the stock was valued at cost at $ 68,567. Thefollowing transactions took place between 1ª and

From the given information in the problem we will prepare statement to show valuation of stock

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The annual accounts of a trading company are to be made Up to December 31 but it was not possible to carry out a stock taking until January 5 on which date the stock was valued at cost at $ 68,567. The following transactions took place between 1* and 5th January: Goods received 4,600 Goods returned 200 Sales . 10,500 Return by Customers . 625 The rate of gross profits is 25% of cost. Prepare a Statement to show the valuation of stock as at December 31".

The annual accounts of a trading company are to be made Up to December 31 but it was not possible to carry out a stock taking until January 5 on which date the stock was valued at cost at $ 68,567. The following transactions took place between 1* and 5th January: Goods received 4,600 Goods returned 200 Sales . 10,500 Return by Customers . 625 The rate of gross profits is 25% of cost. Prepare a Statement to show the valuation of stock as at December 31".

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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