Happy did not keep proper books of account At 31 #8231

Happy did not keep proper books of account. At 31 August 20X1 his balances
were:................................................................. £Lorry (at valuation) ................... 3,000Tools
.................................... 4,000Inventories............................. 16,740Trade receivables
.................... 11,890Bank ..................................... 2,209Cash .......................................
115Trade payables ......................... 9,052Details of transactions in year to 31 August
20X2:Tools purchased ............................ 2,000Drawings .................................... 7,560Legacy
...................................... 2,800At 31 August 20X2 the assets and liabilities were:Depreciation on
tools £600, lorry now valued at £2,500, trade receivables £15,821, prepaid expenses £72,
inventories £21,491, trade payables £6,002, payables for expenses £236, cash £84, bank
overdraft £165.RequiredDraw up a statement showing the profit or loss made by Happy for the
year ended 31 August 20X2?View Solution:
Happy did not keep proper books of account At 31

ANSWER
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