Question: Question U. Richards does not keep his books on the double entry system. His bank summary amount for 2010 is as follows: Balance 1.1.2010 1890

Question U. Richards does not keep his books on the double entry system. His bank summary amount for 2010 is as follows:

Balance 1.1.2010 1890 Cash withdrawn from bank $5400 Receipts from debtors $44656 Payment to Trade Creditors $31695 Loan from U. Miller $2 000 Rates $ 2750 Drawings $ 3095 Sundry Expense $ 1642

Records of cash paid were sundry $122, trade creditors $642. Cash sales amounted to $698; cash drawings were $5289.

The following information is also available:

31.12.2010 31.12.2011 Cash in hand $48 $98 Trade creditors $4896 $5091 Accounts Receivables $6013 $7132 Rent Owing - $250 Rates in Advance $282 $312 Motor van (at valuation) $2800 $2400 Stock $11163 $13021

Required: a. Statement of Affairs (to find opening capital as at 31.12.2010) b. Cash Account & Bank Account c. Accounts Receivables & Accounts Payables Control A/Cs d. Income Statement for the year ended 31 December 2011.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

that's all The following are summaries of the cash book and bank accounts of Mr. Smith who does not keep his books using the double entry system. $ 6,000 Bank Summary Balance on 1 January 2018...

Question 2 Daniel Tibbs does not keep his books on the double entry system. His bank summary amount for 2 0 2 4 is as follows: Records of cash paid were sundry \ $ 1 2 2 , trade creditors \ $ 6 4 2 ....

Going to try this one last time. i would like a TRIAL balance. Not a control account. Not A statement of changes in equity. Just a trial balance. the list of assets liabilities and equity with the...

I want solutions to Patsy knight Accounting question. The different financial statements. Further checks revealed the following during 2018: select Badda er. Bad ne peos During the financial year a...

this question is posed in order. i need help with trail balance as at december 31,2018 pre he does not Reuples de system Bank Sumay 5 Baleny 2018 Re: Cash Trade Run 11 10 100 10,000 SO so I Castemes...

Answer all questions below Question 1 Scot and Joplin are in partnership. They share profits in the ratio: Scot 70 per cent; Joplin 30 per cent. The following trial balance was extracted as at 31...

need help with trail balance, question is in order The following are summaries of the cash book and bank accounts of Patsy Knight, a sole proprietor, who does not keep her books using the double...

question is posted in order, i need help with trade receivables control account ? pre he does not Reuples de system Bank Sumay 5 Baleny 2018 Re: Cash Trade Run 11 10 100 10,000 SO so I Castemes de...

I have to keep posting over the question because It doesnt seem like experts can correct an answer from their end after an answer was posted. i would like someone to answer letters a-d for me on the...

question is in order, need help with trial balance ? help in answer all question The following are summaries of the cash book and bank accounts of Patsy Knight, a sole proprietor, who does not keep...

Lisa earns $215.20 a week. She is married and claims 3 allawances. Starting next week she will receive a $40 per week raise. After the raise, how much will she pay in federal income taxes Annually?

Fernandez Corporation purchased a truck at the beginning of 2010 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles...

Which of the following is true? Group of answer choices If the effective / market interest rate equals the stated interest rate, bonds will have a market value equal to their face value. If the...

Which statement BEST describes FDI and FPI? a . FDI is indirect investment, and FPI is direct. b . FDI is a 1 0 % or more equity stake, and FPI is less than 1 0 % . c . FDI is a 2 5 % or more equity...

Write a proposal using all 18 proposal elements discussed in this chapter.The subject of your proposal can be (a) permitting employees to bring pets to work, (b) instituting job sharing in...

Teamwork. Refer to Application Exercise 2. As directed by your instructor,work with your group to prepare a proposal that responds to an RFP created by another group in your class. (Objectives 1 and...

Technology. Write (or e-mail) three businesses and request copies of their policy on accruing and awarding vacation leave time. Summarize your findings in a memo to your instructor. Describe the...