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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.
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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...Get Instant Access to Expert-Tailored Solutions
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