Question
Use the following information to record the following accounts using perpetual inventory system: (15 Marks) Trading inventory on 1 March 2018 $20 000 Transactions for
Use the following information to record the following accounts using perpetual inventory system: (15 Marks)
Trading inventory on 1 March 2018 $20 000
Transactions for the year ended 28 February 2019:
Goods purchased for cash $ 60 000
sales of goods for cash ( at cost plus mark-up of 50%) $75 000
Dr. Trading inventory account Cr.
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Dr. Sales Account Cr.
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Dr. Cost of sales Account Cr.
| Date | Details | Amount | Date | Details | Amount |
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Trading Account
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Profit and Loss Account
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International Accounting A User Perspective
Authors: Suadagaran, Shahrokh M, Smith Lawrence Murphy
5th Edition
1531018661, 9781531018665
