On the 31/August Brain ltd has opening inventory of 20,000 goods. During September requisitions were raised for 23,000 valued at $12,000
Opening Cash was $7,000
Brain purchase 4,000 Goods at $2 and for 8,000 on Credit valued at $2 each from Law ltd
20,000 Goods were sold on credit totaling at $60,000 and 3,000 Cash Sales valued $9,000.
Of the 20,000 sold on credit the customer returned 1,000.
a)    Extract Brain Ltd retail’s profit & loss statement & balance sheet elements
Profit & loss statement
Balance
"7,000-12,000+42,000=37,000"
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