Single Entry2872. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainlainthe accounts on the double entry system :Rs.Cash in handCash at bank3005,5005,6003,4574,057200StockDebtorsCreditorsFurnitureHis position at the end of the year was as follows:Rs.Cash in hand hbe YCash at bankStockDebtorsFurnitureCreditors3802,4004,6804,6202503,000ellDuring the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600.Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Moton(B.Com, M.K.U(Ans: Profit Rs. 3,900Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made @ 5%.From the following particulars of A ascertain the profit or loss made for the year ended December 31, 1998, anlate

The single entry system of accounting seems to be a type of bookkeeping whereby each accounting…

Single Entry 287 2. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainitain the accounts on the double entry system : Rs. Cash in hand Cash at bank Stock Debtors Creditors 300 5,500 5,600 3,457 4,057 200 Furniture His position at the end of the year was as follows: Rs. Cash in hand Cash at bank Stock Debtors Furniture Creditors 380 2.400 4,680 4,620 250 3,000 During the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600. Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Motor: Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made 5% (B.Com, M.K.U. (Ans: Profit Rs. 3,900

Single Entry 287 2. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainitain the accounts on the double entry system : Rs. Cash in hand Cash at bank Stock Debtors Creditors 300 5,500 5,600 3,457 4,057 200 Furniture His position at the end of the year was as follows: Rs. Cash in hand Cash at bank Stock Debtors Furniture Creditors 380 2.400 4,680 4,620 250 3,000 During the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600. Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Motor: Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made 5% (B.Com, M.K.U. (Ans: Profit Rs. 3,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the information taken from BM traders to complete the following: 1. the cash book receipts and cash book payments for july 2019
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