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Question

Holidays Ltd manufactures caravans. Transactions for the year ended 30 June 2019 were as

follows:

i.   600 caravans were manufactured at a cost of $15 000 each.

ii.  500 caravans were sold for $20 000 each.

iii. Cash was collected on 475 of the caravans sold.

What was the reported profit for the year ended 30 June 2019 if revenue was recognised when cash was received?

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