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Ian Wright buys, repairs and sells laptops, televisions and other electrical appliances under the business name Ian s Bargains which is not registered as a
Ian Wright buys, repairs and sells laptops, televisions and other electrical appliances under the business name Ians Bargains which is not registered as a VAT vendor. Ian uses the periodic inventory system to record trading activity. The following information was provided for the year ended February : AccountsTransactions R Inventory on hand at March Purchases cash Purchases credit Returns from customers Returns to suppliers Transport costs on purchases Transport costs on sales Sales Physical stock take determined that inventory at March was valued at R Ian took a television set and a laptop computer from stock on December valued at R This transaction must still be recorded.Cash Sales Credit Prepare the trading section of the statement of comprehensive income for the year ended February
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