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

Quick asset ratio, what affects quick asset ratio

what affects quick asset ratio

Accounting Techniques, notes on 5 modern accounting techniques

notes on 5 modern accounting techniques

What are the tax effects of the debt adjustments, Harry purchased equipment...

Harry purchased equipment for his business and gave the seller cash and a note due in two years. Larry also purchased business equipment, but financed the transaction with a bank l

Determine the profitability index for this project, An investment project r...

An investment project requires a net investment of $100,000 and is expected to generate annual net cash inflows of $25,000 for 6 years. The firm's cost of capital is 12 percent. De

Value of accounting information, Value of accounting information When a...

Value of accounting information When assessing value of accounting information we are confronted with similar problems. Provision of accounting information can be very expensiv

What is short sale, Q. What is Short Sale? Short Sale - Sale of an item...

Q. What is Short Sale? Short Sale - Sale of an item before it is purchased. A person entering into a short sale believes that the price of item will decline between date of the

Financial analysis, Do liabilities fall under debtors

Do liabilities fall under debtors

Surplus capital method, statement showing surplus capital solution

statement showing surplus capital solution

Using the irs amortization calculate the interest, Interest on Zeroes: ...

Interest on Zeroes: Tesla Corporation needs to raise funds to finance a plant expansion, and it has decided to issue 25-year zero coupon bonds to raise the money. The required

Prepare three years of monthly cash budgets for company, 1. Prepare three y...

1. Prepare three years of monthly cash budgets, yearly income statements, and yearly balance sheets for the jewelry business Daisy & Company. General Information: 1. Th

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