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B. Barnes is a dealer who has not kept proper books of account. At 31 October 2016 his state of affairs was as follows:
£
Cash
210
Bank Balance
4,700
Fixtures
2,800
Inventory
18,200
Accounts receivable
26,600
Accounts payable
12,700
Van (at valuation)
6,800
During the year to 31 October 2017 his drawings amounted to £32,200. Winnings from the Lottery of £7,600 were put into the business. Extra fixtures were bought for £900.
At 31 October 2017 his assets and liabilities were: Cash £190; Bank overdraft £1,810; Inventory £23,900; Accounts payable for goods £9,100; Accounts payable for expenses £320; Fixtures to be depreciated £370; Van to be valued at £5,440; Accounts receivable £29,400; Prepaid expenses £460.
Draw up a statement showing the profit or loss made by Barnes for the year ending 31 October 2017.
Record the adjusting entry required at January 31, the end of the first month of the current year, to record the accrued product warranty. Record the entry for the warranty work provided in February.
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