R Jack gives you the following information as at 31 March 20X5: Jacks mark-up is 40% on
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R Jack gives you the following information as at 31 March 20X5:
Jack’s mark-up is 40% on ‘cost of goods sold’. Her average stock during the year was £17,000. Draw up a trading and profit and loss account for the year ending 31 March 20X5.
(a) Calculate the closing stock as at 31 March 20X5.
(b) State the total amount of profit and loss expenditure Jack must not exceed if she is to maintain a net profit on sales of 8%.
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To prepare the trading and profit and loss account for the year ending 31 March 20X5 well follow the...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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