accounting for incomplete records , Financial Accounting

accounting for incomplete records , Financial Accounting

Assignment Help:

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.

Related Discussions:- accounting for incomplete records

It''s been two months since you took a position, It’s been two months since...

It’s been two months since you took a position as an assistant financial analyst at Caledonia Products. Although your boss has been pleased with your work, he is still a bit hesita

Explain major factor of ifrs, a. Explain a major factor which led to the in...

a. Explain a major factor which led to the introduction of International Financial Reporting Standards (IFRS). b. Explain how users of financial information benefit from IFRS.

Asking price, The price stages are that at which sellers recruit securities...

The price stages are that at which sellers recruit securities to borrowers.

Explain about credit-worthiness, Q. Explain about Credit-worthiness? Th...

Q. Explain about Credit-worthiness? There are a numerous ways in which Fenton Security plc could ensure that customers are subjected to tighter credit appraisal checks before g

Prepare a partial balance sheet, On December 31, 2014, Santana Company has ...

On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the form of notes payable to Golden State Bank due in 2015. On January 28, 2015, Santana enters into a re

Assume the debt financing would cost 15 percent, Seattle Health Plans curre...

Seattle Health Plans currently uses zero debt financing. Its operating income (EBIT) $1 million, and it pays taxes at a 40 percent rate. It has $5 million in assests and because

Show the investment appraisal method, Q. Show the investment appraisal meth...

Q. Show the investment appraisal method? The investment appraisal method is concerned with assessing the value of future cash flows compared to the cost of investment. Since fu

Write up the necessary ledger accounts, Question: Agatha Co. is a tradi...

Question: Agatha Co. is a trading company making up its accounts regularly to 31 December each year. At 01 January 2005 the following balances existed in the records of Agat

Indian company, content of financial statement with refrence to indian comp...

content of financial statement with refrence to indian company

Trend analysis in detail with example, Trend Analysis Tre...

Trend Analysis Trend analysis is an improvement over year-to-year analysis. When a comparison of financial statements covering more than three years i

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd