Friday, October 21, 2022

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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