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

Right of indemnity-renumeration of trustee, Right of indemnity If the ...

Right of indemnity If the Official Receiver or trustee has seized or disposed of any property in the possession of the debtor, without notice or claim relating thereto, he is

Vegetable gowing, disscuss the applicability of a operating cycle in vegeta...

disscuss the applicability of a operating cycle in vegetable growing bussiness in uganda

Can you show me how to solve these problems, Can you show me how to solve t...

Can you show me how to solve these problems? PLEASE!!! I can't figure out how to solve these. :-( 1.Briarcrest Condiments is a spice-making firm. Recently, it developed a new

Compare the alternatives on a total-annual-cost , The Rohr Company's old eq...

The Rohr Company's old equipment for making subassemblies is worn out. The company is considering two alternatives: a) Completely replacing the old equipment with new equipment

Leverage, evaluate the importance of leverage in financial management of a...

evaluate the importance of leverage in financial management of a small scale company

Public sector accounting, explain virement

explain virement

Record the appropriate journal entry., Grand Champion, Inc., purchased Amer...

Grand Champion, Inc., purchased America's Sweethearts Corporation on January 1, 2013. At the time, America's Sweethearts had $750,000 of identifiable assets and $525,000 of liabili

Differences between ifrs and us gaap in accounting, 1. Describe the approac...

1. Describe the approach Zetar Plc uses to determine goodwill impairment losses. How does this approach differ from US GAAP? 2. Zetar Plc does not report any research and develo

Describe the diversification benefit, A) A portfolio's daily changes have ...

A) A portfolio's daily changes have a standard deviation of $15 million. Suppose the daily changes in the portfolio's value have a first order serial correlation of 0.25. Calculat

Prepare the journal entry at december 31, On December 31, 2004, Internation...

On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainde

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