Answer 1
Calculation of Total asset as on 30 June | |
Cash received from Investors | 47,000 |
Bought Merchandise | 8,215 |
Cash spend for purchase of Merchandise | (3,997) |
Cash Sales | 36,088 |
Trade Receivables | 4,912 |
Cost of Goods Sold | (23,370) |
Cash paid to Supplier | (3,422) |
Cash received from Receivable | 2,503 |
Reduction in Receivables | (2,503) |
Cash paid for Expenses Incurred | (7,852) |
Total Assets | 57,574 |
Answer 2
Calculation of Net Income in June | |
Sales | 41,000 |
Cost of Goods Sold | (23,370) |
Expenses | (7,852) |
Net Income | 9,778 |
X Company started business on June 1 and prepares monthly financial statements. The following were June...
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