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Khalid is a furniture wholesaler. Financial year ends on 30 Sept All purchases and sales made on credit terms Khalid does not maintain full set

Khalid is a furniture wholesaler. Financial year ends on 30 Sept

All purchases and sales made on credit terms

Khalid does not maintain full set of records only the following :

On 1 OCT 2017

Inventory 3100

Trade receivable 4620

During the year ended 30 Sept 2018

Cheque received from trade receivable 47970

Discount allowed 1230

Bad debt written off 115

Total purchases 39200

On 30 Sept 2018

Trade receivable 3305

After warehouse closed on 30 Sept a fire broke out and inventory distroyed. Undamaged inventory valued at 1500

Profit mark up is 25%

CALCULATE DAMAGED INVENTORY VALUE AND GROSS PROFIT so that INCOME STATEMENT can be completed.

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