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90 Balance on 31 December 2015 The following referred to 2015 Bad debts written-off 240 Discount received Goods withdrawn by P. Maclaran for own use Credit note issued 600 1,200 640 The following additional information is available. 1 January 2015 31 December 2015
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood
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