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Rent is accrued by 210 Rates have been prepaid by 880 2,211 of carriage represents carriage inwards on purchases Equipment is to be depreciated as

  • Rent is accrued by £ 210
  • Rates have been prepaid by £880
  • £2,211 of carriage represents carriage inwards on purchases
  • Equipment is to be depreciated as 15% per annum using the straight line method
  • The provision for bad debts to be increased by £40
  • Stock at the close of business has been valued at £ 13,551

Required:

Prepare a statement of comprehensive income for the year ended 31 May 2014 and a statement of financial position as at that date                        

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Top Answer

AccountsMr. YousefTrading and Pro±t and Loss Account for the year ended 31 May 19X6.£££Sales138,078Less cost of... View the full answer

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