Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jon Depp did not keep proper books of accounts. At 31 August 2021 his balances were: Lorry (at valuation) Tools Inventory Trade receivables Bank


 

Jon Depp did not keep proper books of accounts. At 31 August 2021 his balances were: Lorry (at valuation) Tools Inventory Trade receivables Bank Cash Trade payables Details of transactions in the year 31 August 2022 are as follows: Tools purchased Drawings Capital introduced At 31 August 2022 the assets and liabilities were as follows: depreciation on tools $600 - lorry now valued at $2,500 3,000 4,000 6,470 16,500 2,209 115 9.052 2,000 7,560 2,800 trade receivables $15,821 prepaid expenses $72 inventory $21,491 trade payables $6,002 payables for expenses $236 cash $845 bank overdraft $165 Required: Prepare a statement showing the profit or loss made by Jon Depp for the year ended 31 August 2022.

Step by Step Solution

3.44 Rating (147 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the profit or loss made by Jon Depp for the year ended 31 August 2022 we need to prepare a statement of profit or loss Heres how we can d... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Financial Accounting

Authors: Anne Marie Ward, Andrew Thomas

9th Edition

1526803003, 978-1526803009

More Books

Students also viewed these Accounting questions

Question

3. What is a trend in sports bars?

Answered: 1 week ago

Question

If 2 5 9 - k 5 8 = 2 5 8 , what is the value of k?

Answered: 1 week ago