5.2 Mary has a general dealer business and uses the periodic inventory system to keep records of buying and selling good

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5 2 Mary Has A General Dealer Business And Uses The Periodic Inventory System To Keep Records Of Buying And Selling Good 1 (163.21 KiB) Viewed 38 times

5 2 Mary Has A General Dealer Business And Uses The Periodic Inventory System To Keep Records Of Buying And Selling Good 2 (112.67 KiB) Viewed 38 times

5.2 Mary has a general dealer business and uses the periodic inventory system to keep records of buying and selling goods. The following information was extracted from the accounting records for financial year ended 30 June 2020.
CE LAW YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE R List of selected accounts at 30 June 2021 Trading inventory : 1 July 2020 Purchases 225 000 916 400 Sales 668 800 Purchases returns 17 300 Sales returns 20 700 32 600 17 900 Settlement discounts received Settlement discounts granted Transport inwards (from suppliers) Transport outwards (to customers) 45 200 23 100 Additional information: 1. 2. Trading inventory at 30 June 2021 was taken and valued at R203 400. Neil took inventory worth R18 100 for his personal use. This has not been recorded in the above accounting records. Insurance on goods transported from suppliers for R7 400 is also not yet included in the above information. 3. Required: Prepare only the trading section of the Statement of profit or loss and other comprehensive income for Mary's General Dealers for the year ended 30 June 2021. (12