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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 Cash
Sales Credit
Additional Information:
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.
Required
Prepare the trading section of the statement of comprehensive income for the year
ended February
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