Question

prepare final accounts of Mahindra traders as 31_12_2019​

Answer 1

Answer:

Explanation:

Answers

1. Gross profit = 4,100
2. Net profit = 2,450
3. Balance sheet total = 38,750

Working notes

1. Net purchase = 19,600 [ 20,000 - 400 ]
2. Salary = 1,300 [ 1,000 + 300 ]
3. Insurance = 500 [ 750 - 250 ]