Question
The following balances appeared in the general ledger of Vice Traders on 30 June 20.2: R Inventory (1 July 20.1) 60 000 Purchases 80 000
The following balances appeared in the general ledger of Vice Traders on 30 June 20.2:
|
| R |
| Inventory (1 July 20.1) | 60 000 |
| Purchases | 80 000 |
| Purchases returns.. | 4 000 |
| Settlement discount received | 1 000 |
| Sales. | 270 000 |
| Customs duties | 1 500 |
| Carriage on purchases... | 2 000 |
| Carriage on sales | 500 |
| Settlement discount granted. | 3 000 |
Additional information:
Inventory on hand on 30 June 20.2 is R20 000.
Which of the following represents the correct amount for the cost of purchases?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Application Of Quantitative Techniques For The Prediction Of Bank Acquisition Targets
Authors: Pasiouras Fotios
1st Edition
9812565183, 9789812565181
