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Business AccountingName: Adnan Qadeer BhattiStudent Number: 1002129/1BABM (T: 2 Group 1)Business Accounting(SBMG4002)Assignment: 1Lecturer Name: Omwenga MwambiDue DATE: 28TH April 2011Lampeter Agricultural Supplies Trading and Profit And Loss Account for the year ended 31st December 2010Sales950,000Less cost of salesOpening Stock360000Purchases480000840000Less Closing Stock(378000)(462000)Gross Profit488,000Less expensesAdvertising10000ElectricityInsurance25000Rent & Rates32000Salaries & Wages56000StationaryTelephoneVehicle running expenses14000Deprecation on fixed Assets30000(184000)Net Profit304,000QUESTION NUMBER 1:Lampeter.