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Chapter 7: Business Accounting Accounts of last records of a personal neckcloth of credit watchful at the end of each monetary course. The accountant is amenable to create the concluding accounts of the business. Methods of Making Payment 1) Cash 2) Cheque 3) assurance Cards 4) Debit Cards Who delectation the final accounts? 1) Shareholders - To whop if the business is additionable or not as they present invested at the start. 2) Creditors - They forget necessitate to know if their party passes bountiful cash to repay them back. 3) g overnance - Government will support to charge tax on the aggregate of profit shown in the final account. 4) Other companies - A business taking over another business will have to know the measuring of profit / loss the company is making before merging. 5) Managers - utilize financial accounts to take decisions and keep in line the operations of the business. Trading Account 1) Shows the plebeian profit 2) Shows the cost of taxation tax income 3) Shows gross sales revenue Income financial statement of Joe & deoxyadenosine monophosphate; Joe as at 31 celestial latitude 2008.

gross sales RevenueLess Cost gross revenueInventoryAdd PurchasesInventoryCost of sales swinish meshwork| $10,000------------------------------------------------- 25,00035,000------------------------------------------------- 12,000| $55,000------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- 23,000------------------------------------------------- 32,00| Questions 1 : Calculate the gross profit: Sales revenue * 80,000 * 25,000 * 75,000| Cost of Sales * 100,000 * 16,000 * 25,000| Gross Profit * (20,000) * 9,000 * 50,000| Questions 2 : Bary Ltd accountant gathered the following information for the zeal of income statement for the year ended 31 December 2008. $ * Sales Revenue 50,000...If you inadequacy to get a in full essay, guild it on our website: Ordercustompaper.com

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