steward pic commences business on 1 january year 1 let us assume all transactions ar 4374447

Steward pic commences business on 1 January year 1. Let us assume all transactions are by cheque and no credit is given nor taken and that Steward deals only in one type of item of inventory. 1 January Year 1 Introduced capital of €30 000. Purchased machine for €10 000. Purchased 1000 items of inventory for €10 each. 31 December Year 1 Sold 800 items of inventory for €15 each. Paid expenses for the year of €1000. The NRV of the machine is €9000. 1 January Year 2 Purchased 800 items of inventory for €13 each. 31 December Year 2 Sold 500 items of inventory for €20 each. Paid expenses for the year of € 1200. The NRV of the machine is €8000. Produce profit and loss accounts and balance sheets relating to years 1 and 2 using NRV accounting. View Solution:
Steward pic commences business on 1 January year 1 Let

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