Question
Natural Blacks trial balance at 31 March 2020 was as follows: Chart of Account Debit $ Credit $ Sales revenue 55 000 Inventory- 1 Apr
Natural Blacks trial balance at 31 March 2020 was as follows:
Chart of Account | Debit $ | Credit $ |
Sales revenue |
| 55 000 |
Inventory- 1 Apr 2019 | 5 000 |
|
Purchase of goods for re-sale | 20 500 |
|
Wages & salaries expenses | 6 000 |
|
Rent and electricity expenses | 12 600 |
|
Carriage inwards charges | 1 320 |
|
Carriage outwards charges | 1 080 |
|
General administrative cost | 1 250 |
|
Plant and Machinery cost | 8 000 |
|
Office Equipment cost | 1000 |
|
Receivables & Payables | 1 900 | 800 |
Bank balance | 15 820 |
|
Cash drawings | 6 330 |
|
Capital |
| 25 000 |
Total | 80 800 | 80 800 |
Note
1. Inventory 31 March 2020 $ 3 000
2. Depreciation on all non-current assets at the rate of 20% p.a straight- line method
The net profit for the year ended 31 March 2020 is .........................
Exclude $, and space from your answer
Example: $9,800 is to be inputted as 9800
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