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Prepare the grocery trading and profit and loss account

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Problem - A Senior Citizens' Club runs a grocery shop. During the month of May 2003, the takings from the grocery were K8700 and grocery purchases were K6300. Inventories and creditors for the grocery purchases were as follows:

Inventory 1 May 1200

Inventories 31 May 1800

Creditors 1 May 600

Creditors 20 May 900

The grocery manager's pay for the month amounted to K1500. Prepare the grocery trading and profit and loss account for the month.

Reference no: EM132867434

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