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Prepare Masons Trading account for the year ended Dec

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Reference no: EM132536375

Question - Mason is a trader buying and selling entirely on credit terms. He does not keep complete accounting records but is able to provide the following info for the year ended 31/12/2020

 

at 1 Jan 2020

at 31 December 2020

Inventory of goods

4000

3000

Trade payable

1500

2000

Trade receivable

3700

5600

During the year cheque received from customers amounted to $3700 Cheque paid to suppliers amounted to $2500.

Required - Prepare Mason's Trading account for the year ended 31 Dec 2020.

Reference no: EM132536375

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