accounting for incomplete records , Financial Accounting

Mr. Surya does not keep a systematic record of his transactions. He is able to give you the following information regarding his assets and liabilities.


2000 2001


Dec. 31 Dec. 31


Creditors for goods 21,000 19,000



Creditors for expenses 1,500 1,800



Bills payable 8,700 11,500



Sundry debtors 35,000 34,000



Stock (at cost) 28,000 25,000



Furniture and fittings 10,000 12,000



Cash 5,100 ?


The following additional information is also available relating to 2001.


Rs.


Bills payable issued 20,800


Cash sales 15,000


Payment to creditors 31,000


Expenses paid 6,600


Drawings 8,000

Bad debts, during the year were Rs. 900. As regards sales, Surya tells you that he always sells goods at cost plus 25%. Furniture and Fittings is to be depreciated at 10% of the value in the beginning of the year.

Prepare Surya''s Trading and Profit and Loss Account for 2001 and his balance sheet as at the end of that year.
Posted Date: 11/14/2012 1:15:28 PM | Location : USA







Related Discussions:- accounting for incomplete records , Assignment Help, Ask Question on accounting for incomplete records , Get Answer, Expert's Help, accounting for incomplete records Discussions

Write discussion on accounting for incomplete records
Your posts are moderated
Related Questions
Answer both parts of this question. Each part is worth seven and a half marks each. (a) Describe the features of the Torrens Title system of land registration and compare them t

The company incurs a payroll payable of $645 per weekday of operations. The mondays of january are the 3rd, 10th, 17th, 24th, and the 31st. Paydays are every other Friday with payd

Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank''s swap trading desk

Both a call and a put currently are traded on stock XYZ; both have strike prices of $50 and expirations of 6 months.  What will be the profit to an investor who buys the call for $

Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June: a. Purchased, o

Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . .


Provide a brief (one typed page) discussion of analysis of the ratios of your company versus the competitor and the industry, addressing your company's liquidity, solvency, profita

1. Would export businesses prefer a rising or declining dollar? Would it be the same for a European tourist on a budget and visiting the Grand Canyon? Explain your answer. 2. Wh

A huge number of financial ratios are in utilized. They complete a broad variety of functions and objectives. Managers estimate performance and investors match their expectations,