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

.which of the following is true, 1.Which of the following is true? A. Land ...

1.Which of the following is true? A. Land is depreciated using the straight line depreciation method B. Land is amortized using the declining balance method C. Land is depleted usi

Explain the mechanism, Explain the mechanism that states use to prevent the...

Explain the mechanism that states use to prevent the double taxation of the income of a corporation doing business in two or more states.

Journal entries to record transactions in the general fund, A village orde...

A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800. The village accepted the shipment and th

Sales volume reaches the maximum capacity, Sales volume reaches the maximum...

Sales volume reaches the maximum capacity of the new machine in Year 4. The positive NPV point to that the investment in Machine Two is financially acceptable althoug

Vat, recommendation regarding the current south African vat system

recommendation regarding the current south African vat system

Which of the following is not an example of an agency cost?, Which of the f...

Which of the following is NOT an example of an agency cost? A. Paying an accounting firm to audit your financial statements. B. Paying an insurance company to assure that b

Law, define law including contract and bankruptcy

define law including contract and bankruptcy

Determine the cost of equity, Lockheed Martin's management wishes to fi...

Lockheed Martin's management wishes to find out whether they have excess debt capacity. Its current market value of equity is $40 b and its book value of debt is $

ACCRUED INTEREST, IF I HAVE A LOAN AND ACCRUED INTEREST .THEN ACCRUED INTER...

IF I HAVE A LOAN AND ACCRUED INTEREST .THEN ACCRUED INTEREST GOES ON WHICH SIDE- DEBIT OR CREDIT ?

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