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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.
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.
Bills payable issued 20,800
Cash sales 15,000
Payment to creditors 31,000
Expenses paid 6,600
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
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