Incomplete Records -Single Entry

8/10/2019 Incomplete Records -Single Entry

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www.arsuriya.com

ABDUL RAHIM SURIYA FCA, FCMA

INCOMPLETE RECORDS

Incomplete records pro lem occ!r "#en

$% &!ll set o& 'cco!nts 're not prep'red or

$$% some records 're 'cc$dent'll( lost or destro(ed)

H(pot#ec$'l e*'mples+

- T#e open$n. B'l'nce S#eet

E*'mple+ A !s$ness #'s &ollo"$n. 'ssets / l$' $l$t$es "or0 o!t Propr$etor1s C'p$t'l

F$*ed Assets 2,222, Acc!m!l'ted Dep) 3,222, In4entor( 5,222,B'n0 B'l'nce 3,222, Cred$tors 6,222, Prep'$d E*penses 3,622,Rent P'(' le 622

Sol!t$on+ Propr$etor1s C'p$t'l 7 2,222

3- Cred$t S'les 'nd De tors

E*'mple+ B'l'nce S#eet &or 52-28-99 s#o"s A:c) Rece$4' le Rs) 2,222 / 's o& 52-8-3222Rs) ;222

Collect$on &rom c!stomers d!r$n. t#e (e'r 3222 Rs) 36,222

F$nd o!t cred$t S'les $n (e'r 3222

Sol!t$on+ I Collect$on 36,222

< clos$n. De tors ;,222

- open$n. De tors = 2,222%

39,222

Sol!t$on+ II T#e s'me co!ld e m'de $n ' led.er 'cco!nt o& De tors "$t#Cred$t S'les e$n. 'l'nc$n. &$.!re

DEBTORS =A:c RECEI>ABLE%

Open$n. 2,222 C's# rece$4ed 36,222

Cred$t S'les = 'l'nc$n. Clos$n. 'l'nce ;,222&$.!re% 39,222

59,222 59,222

5- P!rc#'ses 'nd Tr'de Cred$tors

S$mpl( see mo4ement $n cred$tors 'cco!nt or cons$der $t 's ' &orm!l' to "or0 o!t 'n( m$ss$n.&$.!re &or e$t#er Tr'de Cred$tors open$n. or clos$n. 'l'nce or P!rc#'ses: P'(ments d!r$n. t#e(e'r+

Open$n. 'l'nce o& cred$tors * * *< P!rc#'ses d!r$n. t#e (e'r * * *- P'(ments =* * *%7 clos$n. 'l'nce o& cred$tors * * *

or P!rc#'ses 7 P'(ments to Cred$tors < clos$n. 'l cred$tors ? open$n. 'l cred$tors;- Tr'd$n. Acco!nt

An( m$ss$n. o& p!rc#'ses or cost o& s'le etc c'n e der$4ed &rom t#e 0no"led.e o& Tr'd$n.A:c) Form't $s &ollo"s+

C O @ S PURCHASES

Open$n. Stoc0 Cost o& @oods Sold< P!rc#'ses or < Clos$n. Stoc0 - Clos$n. Stoc0 - Open$n. Stoc0
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7 Cost o& @oods Sold 7 P!rc#'ses

E*'mple+

Stoc0s 's 't Decem er 5 , 999 Rs ;22

Stoc0s 's 't Decem er 5 , 3222 Rs 9562

S'les &or t#e (e'r 3222 Rs 2222

Pro&$t 7 55 :5 o& cost

F$nd o!t p!rc#'ses d!r$n. t#e (e'r 3222

Sol!t$on+ A >IE OF TRADIN@ A:C MATHMATICAL APPROACH

S'les 2,222 I& Pro&$t $s 7 55 :5 o& costCost o& @oods Sold+ T#en S'les "$ll e 7 55 :5 o&

CostOpen$n. Stoc0 ;22 S$nce S'les 7 2,222P!rc#'ses Cost "$ll e 7 2222Less+ Clos$n. Stoc0 =9562% 55 :5 7

82222Cost o& @oods Sold @) Pro&$t 7 82222 * 55 :5 7 32222@ross Pro&$t P!rc#'ses 7 CO@S < End$n. In4-Op)In4

777777777 7 82222 < 9562 ? ;22 7 82962:-

6- Stolen .oods or .oods destro(ed

Determ$ne t#e cost o& 'n !n0no"n G!'nt$t( o& .oods lost

E*'mple+

Open$n. In4entor( ) )3222 Rs 5;6

P!rc#'ses 28;32

S'les 6;222

M'r0!p =$e .ross pro&$t% ;2 on cost

F$re $n t#e s#op on 52:9:3222, "#$c# destro(ed most o& t#e stoc0s e*cept stoc0s o& Rs 562)

F$nd o!t #o" stoc0s lost $n t#e &$re

Sol!t$on+

MATHMATICAL APPROACH TRADIN@ A:C

Cost o& @oods Sold7 S'les ? @ross Pro&$t Open$n. In4entor(5;6

7 6;222 - .;2 * P!rc#'ses28;32

< .; 7 6;222 Less+ Clos$n. In4entor(=562%

.; 7 6;222 Cost o& @oods Sold < Lost5; 6 7 6;222 7 2222 7 CO@S Less+ CO@S2222

.; Cost o& @oods Lost5; 6

Note+ I& t#e stoc0 "'s Ins!red t#en t#e Comp'n( "$ll lod.e cl'$m 'nd "$ll prep're &ollo"$n. entr(

7

Ins!r'nce =Comp'n(% ? Rece$4' le DR 5; 6


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Stoc0s CR 5; 6

8- In&orm't$on t#ro!.# C's# Boo0

E*'mple+ J'n!'r( 2 , 3222 C's# 522, 'n0 5222, De tors 3222

D!r$n. t#e (e'r 3222 Tot'l Depos$ted mone( $n 'n0 96222Dr'"$n. 322, M$sc) e*penses 22

On 52- -3222 ' t#$e& r'0e $nto t#e s#op / stole ;22

Decem er 5 , 3222 c's# 62, B'n0 3622, De tors 562

F$nd o!t s'les $n (e'r 3222

Sol!t$on+ % cred$t s'les 7 clos$n. de tors < collect$on ? open$n. de tors

7 5622 < 96222 - 3222 7 98622

DEBTORS A:C

Open$n. 3222 Collect$on 96222S'les = 'l'nc$n. &$.!re% 98622 Clos$n. 5622

9 622 9 622

3% C's# S'les 7 c's# cons!med < clos$n. 'l'nce - open$n. 'l'nce

7 22 < 322 < ;22 < 62 - 522 7 3362

5% Tot'l S'le = % < =3% 7 9 , 62

- ACCRUALS

E*'mple+ J'n!'r( , 3222 Accr!ed telep#one e*penses 7 62

P'$d telep#one $lls $n (e'r 3222 7 8 32

Decem er 5 , 3222 Accr!ed telep#one e*penses 7 ;2

F$nd o!t Telep#one E*penses &or t#e (e'r 3222

Sol!t$on+Telep#one $lls p'$d 8 32

Less+ Alre'd( 'ccr!ed /C#'r.ed L:Y = 62%

Add+ Accr!ed t#$s (e'r ;2

Telep#one E*penses &or t#e (e'r 2 2


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Incomplete Records -Single Entry