B. Barnes is a dealer who has not kept proper books of account. At 31 October 2016 his state of… 1 answer below »

B. Barnes is a dealer who has not kept proper books of account. At 31 October 2016 his state of affairs was as follows:

During the year to 31 October 2017 his drawings amounted to £32,200. Winnings from the Lottery of £7,600 were put into the business. Extra fixtures were bought for £900.

At 31 October 2017 his assets and liabilities were: Cash £190; Bank overdraft £1,810; Inventory £23,900; Accounts payable for goods £9,100; Accounts payable for expenses £320; Fixtures to be depreciated £370; Van to be valued at £5,440; Accounts receivable £29,400; Prepaid expenses £460.

Draw up a statement showing the profit or loss made by Barnes for the year ending 31 October 2017.

 

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