Answer to Question #226229 in Management for Olavi

Question

The following information was extracted from Lockdown Traders books for 31 July 2021 financial 

year. Lockdown requested you to assist with missing information. Use the information below to 

complete the financial statements.

2 (a). 12 Marks

Lockdown Traders

Statement of Comprehensive Income as at 31 July 2021

Sales ? (a)

Less: Cost of goods sold:

Opening Stock 36 800

Add: Purchases ? (b)

 185 900

Closing Stock 23 700

Cost of Sale ? (c)

Gross Profit ? (d)

Less: Expenses: ? (e)

Net Profit ? (f)

Additional information:

Sales margin – 20%

Net profit margin – 4%

Answer 1

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