have been extracted from the company’s balance sheet at 30 June 20X3.

 In the questions that follow, you should assume a year of 365 days.

Transcribed Image Text:

Figure 7.7 Trading account of B Co. for year to 30 June 20X3 Sales 860,000 Opening inventory 100,000 Purchases 625,000 725,000 Closing inventory 76,000 Cost of goods sold 649,000 211,000 Table 7.8 Balance sheet Items for B Co. at 30 June 20X3 Trade debtors 120,000 Prepayments 8,000 Cash in hand 12,000 Bank overdraft 16,000 Trade creditors 80,000 Accruals 6,000 Declared dividends 10,000