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1. Create provision for discount received of 1.5% and discount allowed of 2%
2. The amount shown in the trial balance for sale and trade debtors include goods sent out on sales or return invoiced at $300 which represented cost plus 50 percent. These goods were returned on 3rd January 2004.But you have not said what the questions are asking for!!
Presumably you have answers in the same book in which you found the questions. Ask about whatever it is in the answers that you are not clear about and then I will help you.
You should watch my free lectures – they are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
Hello Honourable tutor,
The requirement was that I should prepare the profit and loss account. So I want you to explain the transactions so that I can get a little understanding about them.
With the lecture notes, where can I get one? Thank you very much.You can find the lecture notes (and the free lectures that go with them – you should not use the notes without watching the lectures) linked from the main Paper F3 page on this website.
The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
(We stopped calling it the ‘profit and loss account’ many years ago. The exam will call it ‘the statement of profit or loss’, which is the correct name 🙂 )
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