Explain how the following may be ascertained from incomplete records: (a) Opening capital and closing capital (b)

Question:

Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(c) Payments to creditors and collection from debtors

(d) Closing balance of cash.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accountancy Financial Accounting Part 2 For Class 11

ISBN: 9788174505323

1st Edition

Authors: NCERT

See More Books

Question Posted: Feb 16, 2024 12:00 PM

See More Questions

In view of the information provided below provide suggestions for the efficient management of trade debtors. INFORMATION MANAGEMENT OF TRADE DEBTORS Debtor management is central to the effective cash...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
Technology World tsad the following revenue and expenses during the month ended July 31, Fees for computer repairs Advertising expense Salaries expense Telephone expenses fees for printer repairs...
Jennifer plans to establish a trust in which she will place all her income-producing investments. She will be the income beneficiary for the balance of her life, with her son having a remainder...
McKinley City Tours offers small group guided walks. The following information for July provides the original budget: McKinley actually sold 1,440 tours in July. The price variance was $2,880...
For each of the following situations, calculate the degrees of freedom $(d f)$, identify the critical values (assume $\mathbf{a}=.05$ [two-tailed]), calculate the standard error of the mean $s$...
Why do firms have separate departments for warehousing and shipping? What about warehousing and inventory control? Doesnt this just create more paperwork?
If A transfers a building with a value of $ 5 0 0 , 0 0 0 and a basis of $ 6 0 0 , 0 0 0 in exchange for 1 0 0 shares of a corporation's stock. What are the tax consequences of the transfer to Brenda...
What are the strategic drivers facilitating the growth of the financial services industry?
Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader? Do you agree? Explain.
Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $6,000, terms 2/10, n/30. Payment is made...
In the Doghouse Company builds doghouses. They have three sizes: small, medium and large. Each size can be built in one of two styles, standard or deluxe. All doghouses are built with treated lumber...
Write an ARM assembly language program Count Vowels Two.s to count how many vowels and now many non-vowels are in the following string. "ARM assembly language is important to learn!",0 You are...
State two example of each risks Compliance risks, Hazard risks, Control risks, Opportunity risks to happen in an warehouse, Describe the risk, explain the risk category and likelihood and impact of...
Describe the possible causes for freight movement congestion, or delays, for 3 areas: goods movement, physical infrastructure, and information. Describe at least 1 possible solution for congestion in...
B&B Transit provides delivery services for plumbing supplies in across North America. They carry $15 million in inventory annually and their average transit time is 7 days. A competitor, NA-Express,...
Sieber has prepared the following list of statements about decision making and incremental analysis. 1. The first step in managements decision-making process is, Determine and evaluate possible...
Show that the block upper triangular matrix A in Example 5 is invertible if and only if both A 11 and A 22 are invertible. Data from in Example 5 EXAMPLE 5 A matrix of the form A = [ A11 A12 0 A22 is...
The passbook of Mr. Randhir showed an overdraft of 40,950 on March 31, 2017. Prepare bank reconciliation statement on March 31, 2017. (i) Out of cheques amounting to 8,000 drawn by Mr. Randhir on...
Enumerate the steps to ascertain the correct cash book balance.
Briefly explain the term favourable balance as per cash book.
Explain why payment, loan balance, lender's yield, effective borrowing cost and present value are the five important qualities or measures that are important mortgage loan analytics?
How and why do Kellogg and General Mills, the competitor differ in their risk, and how that translates into Moody's/S&P credit ratings? Analysis based on a data for 2021 and 2020.
P/E ratio = 10 assumption market value = -0.5 P/E ratio = 20 assumption market value = -1 Actual Share Price = 3.3 Compare the actual share price of the company with TWO assumption market value per...

Explain how the following may be ascertained from incomplete records: (a) Opening capital and closing capital (b)

Question:

Step by Step Answer:

Certainly When dealing with incomplete records where detailed financial transactions are not fully recorded certain financial information can still be ...View the full answer

Accountancy Financial Accounting Part 2 For Class 11

Students also viewed these Business questions