A trader commenced business on 1 November 2015 reported the following balances in the first year of operation: £ Interes
Posted: Sun Apr 17, 2022 6:58 pm
A trader commenced business on 1 November 2015 reported the
following balances in the first year of operation:
£
Interest expense
£5,000
Heat and light expenses
£3,130
Telephone and postage
£2,470
Salaries and Wages
£40,000
Insurance
£10,000
Sales revenue
£250,000
Taxation expense
£17,350
Opening inventories
60,000
Purchases
58,460
Closing inventories
20,350
How much is the profit for the year ended 31 October 2016?
following balances in the first year of operation:
£
Interest expense
£5,000
Heat and light expenses
£3,130
Telephone and postage
£2,470
Salaries and Wages
£40,000
Insurance
£10,000
Sales revenue
£250,000
Taxation expense
£17,350
Opening inventories
60,000
Purchases
58,460
Closing inventories
20,350
How much is the profit for the year ended 31 October 2016?