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.


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
ACCUMULATION ACCOUNTS FOR MINORS   (a) Income accumulations : When property is left in trust for minors, the income earned for the period will be divided equally or according t

Illustration of consolidated balance sheet H Ltd owned S Ltd since the date of incorporation of S Ltd. The balance sheets of the two  companies as at 31 December 20X2 is as fo

The objective of this project is to demonstrate the effect of releasing accounting information concerning profits on the valuation (i.e. share price) of an Australian;listed compan

how should i treat items in the additional information

1. Think about the transactions listed below. a. A company obtains a $10,000 loan from a bank. b. A company purchases $15,000 of inventory from its suppliers. They paid $5,000 toda

Answer both parts in this task. Part (i) is worth a maximum of 10 Marks, while part (ii) is worth a maximum of 5 Marks. (i) Minnie owes Micky Mouse $500 and hands him a cheque p

Ask question Sean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end

Presentation method (formerly closing rate or net investment method) Under this method, the branch operates with a lot of degree of autonomy from the head office. This position i