ACC 182 CA 7 INCOMPLETE RECORDS Assignment 1. Suppose that opening receivables for Bubble's business is N300,000. There have been total receipts from customers of N550,000 of which N150,000 relates to cash sales and N400,000 relates to receipts from receivables Discounts allowed in the year old N30,000 and closing balance of receivables was N370,000. What are total sales for the 2. The opening payables of Deck's business are N150,000. Total payments made to suppliers during the year were N140,000. Discounts received were N5,000 and closing payables were N130.000. What are total purchases for the year? 3. On1 January Emma's bank account is overdrawn by N13,670. Payments in the year totaled N85.360 and on 31st December the closing balance is N22.270 (positive). What are total receipts for the year! 4. The following information relates to Ivory's business Electricity accrued Rent prepaid Cath paid in the year Electricity Rent On 31 December Electricity accrued Rent Prepaid N2.500 N3,000 N 0,10 N20,000 N3,000 N4.000 What are the income statement charges for electricity and rent for the year? 5. ABC and Co has provided the following information for his financial activities for 2018 You are required to prepare his income statement Balance at 31/12/1 31/12/19 Motor Vehicle 100.000 95000 Fixtures 70.000 63.000 Inventory 34000 42.000 Accounts Receivables 36.00 43900 Accounts Payables 45 800 34 400 Cash at Hand 23.550 34.520 100 000 90.000 Other information provided His gross profit margin is 25% i Expenses paid during the year included. Rent 2,170, Salaries and Wages 4.800 and furling Ni 900 His drwwings for the year was N5.200 iv. A motor vehicle of N1,000 was bought during the year Differentiate between single entry and incomplete record Explain twe(2) reasons for incompleteness of accounting records Discuss three (3) limitations of incomplete entry iv. Why would it be necessary to convert mark-up to margin op from margin to mark-up (illustrate with worked example) ACC 182 CA 7 INCOMPLETE RECORDS Assignment 1. Suppose that opening receivables for Bubble's business is N300,000. There have been total receipts from customers of N550,000 of which N150,000 relates to cash sales and N400,000 relates to receipts from receivables Discounts allowed in the year old N30,000 and closing balance of receivables was N370,000. What are total sales for the 2. The opening payables of Deck's business are N150,000. Total payments made to suppliers during the year were N140,000. Discounts received were N5,000 and closing payables were N130.000. What are total purchases for the year? 3. On1 January Emma's bank account is overdrawn by N13,670. Payments in the year totaled N85.360 and on 31st December the closing balance is N22.270 (positive). What are total receipts for the year! 4. The following information relates to Ivory's business Electricity accrued Rent prepaid Cath paid in the year Electricity Rent On 31 December Electricity accrued Rent Prepaid N2.500 N3,000 N 0,10 N20,000 N3,000 N4.000 What are the income statement charges for electricity and rent for the year? 5. ABC and Co has provided the following information for his financial activities for 2018 You are required to prepare his income statement Balance at 31/12/1 31/12/19 Motor Vehicle 100.000 95000 Fixtures 70.000 63.000 Inventory 34000 42.000 Accounts Receivables 36.00 43900 Accounts Payables 45 800 34 400 Cash at Hand 23.550 34.520 100 000 90.000 Other information provided His gross profit margin is 25% i Expenses paid during the year included. Rent 2,170, Salaries and Wages 4.800 and furling Ni 900 His drwwings for the year was N5.200 iv. A motor vehicle of N1,000 was bought during the year Differentiate between single entry and incomplete record Explain twe(2) reasons for incompleteness of accounting records Discuss three (3) limitations of incomplete entry iv. Why would it be necessary to convert mark-up to margin op from margin to mark-up (illustrate with worked example)