B. Barnes is a dealer who has not kept proper books of account. At 31 October 2012

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B. Barnes is a dealer who has not kept proper books of account. At 31 October 2012 his state of affairs was as follows:

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During the year to 31 October 2013 his drawings amounted to £32,200. Winnings from the Lottery of £7,600 were put into the business. Extra fixtures were bought for £900. At 31 October 2013 his assets and liabilities were: Cash £190; Bank overdraft £1,810; Inventory £23,900; Accounts payable for goods £9,100; Accounts payable for expenses £320; Fixtures to be depreciated £370; Van to be valued at £5,440; Accounts receivable £29,400; Prepaid expenses £460. Draw up a statement showing the profit or loss made by Barnes for the year ending 31 October 2013.

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Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

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