ASSIGNMENT ON INCOMPLETE RECORDS( ACC 121-PRINCIPLES OF ACCOUNTING 2)

Aiyele who has not kept a complete set of books for his business has been able to provide the following information.

 

                                                31st December, 2020       31st December, 2021

                                                          N                                    N

Plant and Machinery                     31,500                             35,350

Stock in trade                                15,120                             17,255

Trade Debtors                               11,396                             13,020

Trade Creditors                               6,020                               6,468

Prepayment-Rates                            -                                        350

Accruals:

Rent                                                910                                 1,750

Expenses                                        840                                 1,050

Additional information:

i.  A summary of his cash transactions for the year is shown below:

	Cash Book
	N		N
Balance B/f	1,834	Creditors	119,112
Cash Sales	116,592	Wages	18,669
Debtors	57,134	Rent	5,250
		Rates	1,750
		Expenses	11,382
		New Machinery	7,000
		Drawings	7,560
		Balance C/d	4,837
	175,560		175,560
Balance b/d	4,837

 

ii.  Details of discounts are as follows:

     Allowed  N2,205  and Received  N4,578

You are required to prepare:

(a)   Opening Statement of Affairs.

(b)  Trading, Profit or Loss Account for the year ended 31st December, 2021.

(c)   A Statement of Financial Position as at that date.

 

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