Incomplete Records

Question 1

Steps for questions

Answer 1

0: Fill in numbers we are given
1: find opening capital using statement of affairs
2: Compile a summarised bank account
3: Compile a summarised cash account
4: construct a sales and purchase ledger control account to find purchases and sales
5: Use ratios where needed

Question 2

Step 1 in depth

Answer 2

Rearrange the accounting equation to find opening capital
Capital = Assets - Liabilities

Question 3

Step 2 in depth

Answer 3

Compile a bank account if not provided for payments to trade payables, receivables and expenses

Question 4

Step 3 in depth

Answer 4

Cash account for the same as a bank account. Add cash sales and purchases to credit sales and purchases.

Question 5

Step 4 in depth

Answer 5

Control accounts to find bal b/ds for the SOFP and credit sales and purchases figures for Inc statement

Question 6

Step 5 in depth

Answer 6

Use ratios to find figures in the profit and loss trading account and PFTY

Question 7

Step 6 in depth