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Cream Ltd commenced trading on 1 January 2 0 2 3 . The purchases and sales for the year have been as follows: On 1
Cream Ltd commenced trading on January The purchases and sales for the year have been as
follows:
On January Cream Ltd raised share capital of Rs and five year loans of Rs During
the year all purchases and sales were on cash terms, and expenses of Rs were also paid in cash.
REQUIRED:
Prepare an Income statement for the year ended December using:
i The FIFOfirstinfirstout method of inventory valuation marks
ii The AVCO method of inventory valuation marks
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