Following details are given by Ms. Isla (laptop Dealer) for the year ending 31 August 2017. She started her business on 1 September 2016 with \\( \\$ 7000 \\). 1. Transactions during the year Purchase of Laptop on cash \\( \\$ 1400 \\) and sold laptop for cash \\( \\$ 5300 \\). Gross profit margin \60 Bad debts during the year amounted to \\( \\$ 400 \\) and Bad debts recovered \\( \\$ 60 \\). Goods lost by fire \\( \\$ 30 \\), Goods returned to suppliers \\( \\$ 70 \\) and returned by customers \\( \\$ 60 \\). Payment of Salary \\( \\$ 600 \\) [ paid for 3 months extra] payment of Wages \\( \\$ 700 \\) [ unpaid for two months] Payment of Carriage \\( \\$ 200 \\) (of which \60 treated as inwards and balance as outwards.) Payment to suppliers \\( \\$ 1200 \\) and collection from customers \\( \\$ 1600 \\). 2. Balance as on \\( 31^{\\text {st }} \\) August 2017 : Trade Receivable \\( \\$ 5000 \\) and Trade payable \\( \\$ 4450 \\). Reserve for doubtful debts \2. Trade Receivable acrnunt Page | 84