Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

The information below relates to a sole trader on 31 December 2020. goods removed by the owner for personal use: $1000$ inventories on 1 January 2020: $10000$ inventories on 31 December 2020: $12000$ purchases: $75000$ returns: debit balance $3000$, credit balance $4000$ What was the cost of sales?

  • A$68000
  • B$69000
  • C$70000
  • D$71000

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