Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are given the following extract of information for Luna Dealers for the financial year ended on 28 February 20.2. Additional information: a) Inventory on

image text in transcribed

You are given the following extract of information for Luna Dealers for the financial year ended on 28 February 20.2. Additional information: a) Inventory on hand on 28 February 20.2 is R30 000. b) Luna Dealers still owe the courier service R300 for carriage on sales. c) The secretary took an advance on her March 20.2 salary of R.1 000. d) The rental income was received for 8 months although the contract is for the full 20.2 financial year. Assuming that the gross profit calculated in the trading account is R160 000 , the correct profit or loss account in the general ledger of Luna Dealers on 28 Feoruary 20.2 will be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Patient Centered Audit

Authors: Kruse

1st Edition

0875272479, 978-0875272474

More Books

Students also viewed these Accounting questions

Question

Relational Contexts in Organizations

Answered: 1 week ago