The following are summaries of the cash book and bank accounts of J. Duncan who does...
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The following are summaries of the cash book and bank accounts of J. Duncan who does not keep his books using the double entry system. Bank Summary Balance on 1 January 2018 Receipts Accounts receivable Cash banked Payments Trade accounts payable Rent Machinery Wages Insurance Accounts receivable (dishonoured cheque) Loan interest Balance on 31 December 2018 Cash Summary Balance on 1 January 2018 Receipts Cash sales Accounts receivable Payments Drawings Repairs Electricity Cash banked Balance on 31 December 2018 The following referred to 2018 Bad debts written-off Discount received Goods withdrawn by J. Duncan for own use Credit note issued The following additional information is available. Inventory Machinery Rent prepaid Rent owing Accounts receivable Accounts payable Loan from bank at 8% Loan interest owing E itd 26,000 4,100 18,500 1,400 7,500 6,100 1,450 250 300 m 14,000 400 9,500 300 750 4,100 1 January 2018 4,100 12,600 200 6,300 2,400 5,000 You are required to: (4) Calculate the value of J. Duncan's capital on 1 January 2018. (b) Prepare the Income Statement for the year ending 31 December 2018, (Sco E 400 350 300 1,200 E 8,000 30,100 38,100 35,500 2,600 E 300 14,400 14,700 14,650 50 31 December 2018 L 3,200 15,900 250 5,000 2,500 5,000 100 The following are summaries of the cash book and bank accounts of J. Duncan who does not keep his books using the double entry system. Bank Summary Balance on 1 January 2018 Receipts Accounts receivable Cash banked Payments Trade accounts payable Rent Machinery Wages Insurance Accounts receivable (dishonoured cheque) Loan interest Balance on 31 December 2018 Cash Summary Balance on 1 January 2018 Receipts Cash sales Accounts receivable Payments Drawings Repairs Electricity Cash banked Balance on 31 December 2018 The following referred to 2018 Bad debts written-off Discount received Goods withdrawn by J. Duncan for own use Credit note issued The following additional information is available. Inventory Machinery Rent prepaid Rent owing Accounts receivable Accounts payable Loan from bank at 8% Loan interest owing E itd 26,000 4,100 18,500 1,400 7,500 6,100 1,450 250 300 m 14,000 400 9,500 300 750 4,100 1 January 2018 4,100 12,600 200 6,300 2,400 5,000 You are required to: (4) Calculate the value of J. Duncan's capital on 1 January 2018. (b) Prepare the Income Statement for the year ending 31 December 2018, (Sco E 400 350 300 1,200 E 8,000 30,100 38,100 35,500 2,600 E 300 14,400 14,700 14,650 50 31 December 2018 L 3,200 15,900 250 5,000 2,500 5,000 100
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To calculate J Duncans capital on January 1 2018 we need to consider the balance on that date as wel... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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