Question
The following information is provided for two different European SME furniture manufacturers for the year ended December 31st 2022: All figures in Euros () ITEM
The following information is provided for two different European SME furniture manufacturers for the year ended December 31st 2022:
All figures in Euros ()
ITEM | JUPITER HOME FURNITURE LTD | CAPRICORN FURNISHINGS LTD
|
Sales (all credit) | 230,000 | 896,000
|
Opening Stock (1st January 2022) | 12,400 | 32,000
|
Purchases (all credit) | 58,600 | 515,000
|
Closing Stock (31st December 2022) | 11,600 | 30,000
|
Overhead expenses | 84,600 | 126,000
|
Fixed Assets | 200,000 | 450,000
|
Trade Debtors | 14,000 | 80,000
|
Trade Creditors | 16,000 | 47,000
|
Bank Balance | 2,400 | 4,000
|
Capital 1st January 2022 (Opening Capital) | 42,000 | 332,000
|
Drawings | 16,000 | 68,000
|
*All sales and purchases were on credit.
Q1: Prepare a summarised trading/profit and loss account for the year ended 31st December 2022 for both companies.
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