accounting for incomplete records , Financial Accounting

accounting for incomplete records , Financial Accounting

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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.

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