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
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases given below: a. Jackson Corporation

While many people know that Sonora, Mexico is a beautiful vacation spot, it is also a large furniture manufacturing location in North America. Guillermo Navallez made furniture for

Maghrabi Enclosure follows a moderate current asset investment policy, but it is considering whether to shift to a different strategy. The firm''s annual sales are $500,000; its f

These are the indirect costs that are related with manufacturing. Absorbed costs involve expenses like insurance, or property taxes for the building in which the production process

Unqualified Opinion - AUDIT opinion not qualified for any material scope restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). AUDITOR may issue an unqu

In the spring of each year, Steinbrook College's theater department puts on a contemporary play. Before the performance, the theater manager instructs student volunteers in their d

PURPOSE The purpose of this assignment is to provide learners opportunity to discuss the significance of the significance of the accounting principles and the qualitative chara

Financial risk is the likelihood of a company experiencing changes in the level of its distributable earnings as a result of the need to make interest payments on debt finance or p

POWERS OF INVESTMENT The trustees have a duty to obtain control of trust assets and to invest trust funds in authorised securities.   The trustees may invest in such securities