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(i) Included in revenue is $12 million for the receipts that the company’s auditors have advised are commission sales. the cost of these sales paid for by Petra, were $8 million. $3 million of the profit of $4 million was attributable to and remitted to Sharma (the auditors have advised that Sharma is the principal for these transactions.) Both the $8 million cost of sales and the $3 million paid to Sharma have been included in cost of sales.
Following trail balance relates to Petra at 30 September 2015
Revenue (note i) $197.8 million
Cost of sales (note i) $114 millionWell, that’s all very interesting 🙂
I don’t see any question from you, though
what will be the working for this for PnL and balance sheet and their journal entries?
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