Determine the net purchases to be recorded

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Problem 1: Based on the list of balances in Table and the additional information, show the calculation to determine the net purchases to be recorded in the Statement of Profit or Loss for the year ended 31 December 2019.

RM Purchases 299,100

Sales 485,200

Return inwards 10,500

Return outwards 9,800

Drawings 2,000

Inventory as at 1 January 2019 40,000

Carriage inwards 3,000

Rental received 18,200

Discount received 500

Discounts allowed 900

Insurance expenses 5,000

Miscellaneous expenses 4,600

Reference no: EM132943677

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