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Determine the total urchases and sales

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Question - John brown is a trader in sweet foods. An accident at the shop at June 30, 2019 resulted in the loss of a portion of the closing stock. The amount recovered was valued at $25,000

The following information was available

a. Balances as at June 1 2019

Stock 96,700

Debtors 20,000

Creditors 17,500

b. Cashbook summary

Receipts from debtors 140,000

Cash sales 85,600

Cash Purchases 87,200

Payments to creditors 85,000

c. Balances as at June 30, 2019

Debtors 82,400

Creditors 41,000

Given that goods are marked up at 25%,

Required - Determine the following

a. Total sales

b. Total purchases

c. Draft the income statement to determine the total value of the closing stock.

Reference no: EM132573935

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