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Assessment 3
Task 4
The following is a Trial Balance from the ledger of Lunatiques as at 30 June, 2018.
Required:
- Prepare the closing General Journal entries including the transfer of net profit (loss) and the transfer of drawings to capital. (20 marks)
- Post the general journal entries to the Trading account and Profit & Loss account in the General Ledger. (12 marks)
- The Perpetual Inventory system is used.
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