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1 (a) The following information relates to George Ltd and has been taken from their books as at 31 August 2019:
£
Sale 1,800,000
Administration expenses 250,000
Cost of sales 500,000
Taxation for the year 150,000
Interest paid 25,000
Interest received 5,000
Distribution costs 300,000
Required:
Question : Prepare the income statement of George Ltd for the year ended 31 August 2019.
(b) From the following details draw up the trading account of KGM Ltd for the year ended 31 December 2019.
Carriage inwards 670
Returns outwards 495
Returns inwards 890
Sales 38,742
Purchases 33,333
Stocks of good: 31 December 2019 7,489
Question : Draw up the Trading Account
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