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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
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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