Answer to Review Questions Book 1 Chapter 7 Question 7.

1 M Dawe Trading and Profit and Loss Account for the year ended 31 March 20X2 Sales Less Cost of goods sold: Purchases Less Closing stock Gross profit Less Expenses Wages Sundries Rent 23,414

16,111 4,344

11,767 11,647

1,900 456 500

Net profit

2,856 8,791