Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am stuck as to find out the bank and other incomplete records. (a) Fill the gaps in the following trading statement. You can use

I am stuck as to find out the bank and other incomplete records.

image text in transcribed (a) Fill the gaps in the following trading statement. You can use a calculator to complete the question. Trading Statement for six months ended 31-Dec-11 181,400.00 Sales Less Sales Returns 6,100.00 Net Sales Less Cost of Goods Sales Gross Profit Less Stock Loss Adjustment Gross Profit 187,500.00 138,800.00 48,700.00 $1,500.00 $47,200.00 (b) Fill in the gaps in the balance sheet. You can use a calculator to complete the question. Balance for six months ended 31-Dec-11 Current Assets Bank Debtors Stock Total Assets 50.000.00 65,000.00 Non Current Assets Motor Vehicle Less accumulated depreciation Premises Total Non Current Assets 48,000.00 -12,000.00 250,000.00 286,000.00 Current Liabilities Creditors Short term loan 5,000 Total Current Liabilities Equity Capital Plus profit Less Drawings Total Equity 50,000.00 -40,000.00 Closing Capital = Opening Capital + Net profit - Drawing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: W Steve Albrecht, Earl K Stice

11th Edition

0538746955, 9780538746953

More Books

Students also viewed these Accounting questions

Question

5. Give some examples of hidden knowledge.

Answered: 1 week ago