Question

LULUIS In
. Mr.Xavier started his business on 1/1/08 with the capital of 725,000. He brought furniture
for 4,000 on the same day. He borrowed 35,000 from his wife and introduced further
capital of $3,000. He withdrew 2600 every month. From the following information prepare
his final a/c's.
800
Sales (including cash sales 30,000]
Purchases (including cash purchases 310,000]
Carriage inwards
Wages
6,200
1,00,000 Discount allowed to debtors
75,000 Salary paid
700 Bad debts written off
300 Trade
Trade expenses
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1,500
1,200
2,200
Mr. Xavier used goods worth 1300 for Private purposes and paid 500 to his son which is
not recorded. On 31/12/08, his debtors were worth 21,000 and creditors 515,000. Stock in
trade was valued at 10,000 on that date. Furniture is to be depreciated by 10% p.a.​

Answer 1

The exchange of goods among people, states and countries is referred to as a trade.

Trade between two countries is called international trade, while trade occurring in a region within the same country is called local trade.The exchange of goods among people, states and countries is referred to as a trade.

Trade between two countries is called international trade, while trade occurring in a region within the same country is called local trade.