Calculate the profit using balance sheet, Accounting Basics

Assignment Help:

Part 1

(a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping.

(b) How does profit fit into the accounting equation?

Part 2

Alex Bisset started in business on 1 July 2011. His trial balance as at 30 June 2012 was as follows:

Alex Bisset trial balance as at 30 June 2012

DR CR

£ £

Opening capital 10,000

Capital contributed during the year 6,000

Drawings 3,000

Bank loan 5,000

Non-current assets 20,000

Receivables control 7,250

Cash 4,500

Payables control 6,750

Sales 50,000

Purchases 35,000

Other expenses 8,000

77,750 77,750

Calculate profit earned during the period using both the balance sheet approach and the income statement approach to income determination.

Related Discussions:- Calculate the profit using balance sheet

Maxine peru, base-case NPV

base-case NPV

Accrued revenue., what is accrued revenue

what is accrued revenue

Allowance for uncertain accounts, Normal 0 false false fals...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Help., How would I do this make it and adjustment account revenue 300.00 of...

How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280

Nos, the spelling of number is different than code

the spelling of number is different than code

Balance sheet of hospital, how to analyze im a beginner

how to analyze im a beginner

Advantages of setting accounting standards, Advantages of setting Accountin...

Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett

Concept of accounting, what is the implication of applying accounting conce...

what is the implication of applying accounting concept wrongly

Ratios and Analysis, Your report must include at a minimum the following it...

Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset

Define operating expenses, Q. Define Operating expenses? Operating expe...

Q. Define Operating expenses? Operating expenses for a merchandising company are those expenses other than cost of goods sold incurred in the usual business functions of a comp

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages