Prepare the income statement of george ltd for the year

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Reference no: EM132487521

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

Reference no: EM132487521

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