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  • (Answers) Frank Wood's Business Accounting Tenth Edition 28.13

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    Daniel Pierre
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    Mr. Chai's trading and profit and loss account for the year ended 30 April 20X7 shows a net profit of $24,117. His balance sheet as of 30 April 20X7 lists total assets of $895,664 consisting of fixed assets of $57,720 and current assets of $53,044 less current liabilities of $21,200 resulting in net current assets of $31,844. His capital is financed by capital of $83,887, net profit of $24,117, and drawings of $18,440.

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    The answers for Frank Wood's Business Accounting Tenth Edition , question 28.13

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    [Answers] Frank Wood's Business Accounting Tenth Edition 28.13

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    Mr. Chai's trading and profit and loss account for the year ended 30 April 20X7 shows a net profit of $24,117. His balance sheet as of 30 April 20X7 lists total assets of $895,664 consisting of fixed assets of $57,720 and current assets of $53,044 less current liabilities of $21,200 resulting in net current assets of $31,844. His capital is financed by capital of $83,887, net profit of $24,117, and drawings of $18,440.

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    349 views1 page

    (Answers) Frank Wood's Business Accounting Tenth Edition 28.13

    Uploaded by

    Daniel Pierre
    Mr. Chai's trading and profit and loss account for the year ended 30 April 20X7 shows a net profit of $24,117. His balance sheet as of 30 April 20X7 lists total assets of $895,664 consisting of fixed assets of $57,720 and current assets of $53,044 less current liabilities of $21,200 resulting in net current assets of $31,844. His capital is financed by capital of $83,887, net profit of $24,117, and drawings of $18,440.

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    © All Rights Reserved
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    of 1

    Mr Chai

    Trading and Profit and Loss ACC for the year ended 30 April 20X7

    Sales 259870
    Less Return In. 5624 254246
    Less Cost of Goods Sold
    Stock 15654
    Purchases 135680
    Less Return Outwards 13407 122273
    Carriage Inwards 11830
    149757
    Less Closing Stock 17750 132007
    Gross Profit 122239
    Add Discount Received 1750
    123989

    Less Expenses
    Salaries and Wages 38521
    Rent, Rates and Insurances (Less Prepaid) 19418
    Heating and Lighting (Add Accrued) 12370
    Carriage Out. 4562
    Advertising 5980
    Postage, Stationery and Telephone 2410
    Bad Debts 2008
    Provision for Doubtful Debts 223
    Discounts Allowed 2306
    Depreciation 12074 99872
    Net Profit 24117

    Balance Sheet as at 30 April 20X7

    Fixed Assets
    Fixtures and Fittings (Less Depreciation: 63020) 57720
    Current Assets
    Stock 17750
    Debtors (Less Provision: 735) 23765
    Prepaid Expenses 6555
    Bank 4440
    Cash 534
    53044

    Less Current Liabilities


    Creditors 19840
    Expenses Accrued 1360 21200
    Net Current Assets 31844
    89564
    Financed by:
    Capital: 83887
    Add Net Profit 24117
    109004
    Less Drawings 18440 89564

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