The following are summaries of the cash book and bank accounts of P. Maclaran who does not
Question:
The following are summaries of the cash book and bank accounts of P. Maclaran who does not keep her books using the double entry system.
You are required to:
(a) Calculate the value of P. Maclaran's capital on 1 January 2015.
(b) Prepare the Statement of Profit or Loss for the year ending 31 December 2015.
Transcribed Image Text:
Bank Summary Balance on 1 January 2015 6,000 Receipts Accounts receivable 35,000 Cash banked 2,200 37,200 43,200 Payments Trade accounts payable 31,000 Rent 1,100 Machinery 3,400 Wages 9,200 Insurance 850 Accounts receivable (dishonoured cheque) 80 Loan interest 500 Balance on 31 December 2015 (46,130) (2,930) Cash Summary Balance on 1 January 2015 60 Receipts Cash sales Accounts receivable Payments Drawings Repairs Electricity Cash banked 9,700 1,100 10,800 10,860 6,600 1,400 570 2,200 (10,770) 90 Balance on 31 December 2015 The following referred to 2015 Bad debts written-off 240 Discount received Goods withdrawn by P. Maclaran for own use Credit note issued 600 1,200 640 The following additional information is available. 1 January 2015 31 December 2015
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood
Question Posted:
Students also viewed these Business questions
-
Using the information in Review Question 35.13, prepare P. Maclarans Statement of Financial Position as at 31 December 2011. Question 35.13 The following are summaries of the cash book and bank...
-
The following are summaries of the cash book and bank accounts of P. Maclaran who does not keep her books using the double entry system. You are required to: (a) Calculate the value of P. Maclarans...
-
The following are summaries of the cash book and bank accounts of P. Maclaran who does not keep her books using the double entry system. You are required to: (a) Calculate the value of P. Maclaran's...
-
12. Bill thinks that welfare is needed in some cases. However, his friends in the Young Republicans taunt him every time he makes his views known. As a result, he accepts their views in order to...
-
The capital accounts of Trent Henry and Tim Chou have balances of $160,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of...
-
Consider a system with two degrees of freedom in one dimension, \(q_{1}\) and \(q_{2}\), and Hamiltonian Does it have any continuous internal symmetries? H + 2 2 +V(91) + V(92) + V12 (191-921)....
-
The following trial balance has been extracted from the books of Patt plc as at 31 March 2010: Additional information: 1. Following the preparation of the above trial balance, the following...
-
Lott Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets...
-
. 1B. For each of the items listed below indicate on which of the major statements they would be found (1, 2, 3, or 4) and the amount shown on the statements above: 1. Balance sheet 3. Statement of...
-
Why do you think non-profit-oriented organizations prepare receipts and payments accounts when they have all this information in the cash book already?
-
Jean Smith, who retails wooden ornaments, has been so busy since she commenced business on 1 April 2015 that she has neglected to keep adequate accounting records. Jean's opening capital consisted of...
-
Among 436 workers surveyed in a Gallup poll, 192 said that it was seriously unethical to monitor employee e-mail. Among 121 senior-level managers, 40 said that it was seriously unethical to monitor...
-
When determining future resource needs, factors that should be considered include:?
-
You plan to deposit $2,000 per year for 5 years into a money market account with an annual return of 2%. You plan to make your first deposit one year from today. a. What amount will be in your...
-
How would you incorporate the ideas presented in this chapter into your teaching of multiplication and division? What activities would you do with different year groups? What are the implications for...
-
Discriminate between inbound and outbound logistics for Kia motors. What functions are included in the inbound logistics network for Kia? What type of activities are included in the outbound...
-
2. Wolff Company's income statement and comparative balance sheets follow: WOLFF COMPANY Incomo Statomont For Year Ended December 31, 2017 Sales.. Cost of goods sold. Wages expense Insurance expense...
-
Is Home Depots recessionary strategy of eliminating debt and halting growth a wise one? What would you recommend to the CEO? When Bernie Marcus and Arthur Blank opened the first Home Depot store in...
-
In Exercises discuss the continuity of each function. f(x) -3 1 x - 4 y 3 2 -1 -2 -3+ 3 X
-
Cola Drink Company processes direct materials up to the splitoff point where two products, A and B, are obtained. The following information was collected for the month of July: Direct materials...
-
Required information [The following information applies to the questions displayed below.] Hudson Company reports the following contribution margin income statement. HUDSON COMPANY Contribution...
-
Methods that do not use present value One category of capital investment evaluation methods does not use present value. The primary difference between the category of methods that do use present...
Study smarter with the SolutionInn App