THE FOLLOWING DATA WERE TAKEN FROM THE INCOMPLETE ACCOUNTING RECORDS MAINTAINED BY F.

G COMPANY,
A SOLE PROPRIETORSHIP ENGAGE IN MERCHANDISING BUSINESS.

31/12/2019

CASH 45,600.00
ACCOUNTS RECEIVABLE 59,400.00
MERCHANDISE INVENTORY 97,200.00
PREPAID EXPENSES 6,000.00
EQUIPMENT (NET OF ACCUMULATED DEPRECIATION) 85,000.00
ACCOUNTS PAYABLE 63,300.00
LOANS PAYABLE TO BANK 50,000.00
ACCRUED EXPENSES 4,500.00

TRANSACTION S PER CASH BOOK DURING 2016:

RECEIPTS
FROM CUSTOMERS
FROM BANK LOAN
RENT INCOME

PAYMENTS
TO TRADE CREDITORS
FOR OPERATING EXPENSES
PURCHASE OF EQUIPMENT
WITHDRAWAL BY OWNERS
LOANS PAYABLE TO BANK

OTHER INFORMATION:

A. SALES RETURNS DURING THE YEAR WERE P 21,000.

BAD DEBTS WRITTEN OFF DIRECTLY AGAINST ACCOUNTS RECEIVABLE WERE P 10,800

B. PURCHASE RETURNS DURING THE YEAR AMOUNTED TO P 13,000

GOODS RECEIVED FROM SUPPLIER ON ACCOUNT DEC 20, 2020 COSTING P 8,000 WERE NOT RECORDED BY THE
COMPANY UNTIL JAN 2021.

C. THE ONLY CHANGE IN THE EQUIPMENT IS THE PURCHASE OF THE NEW COMPUTER ON JUNE 30, 2020.
DEPRECIATION CHARGES ARE CREDITED TO LONG LIVED ASSET ACCOUNT FROM THE MONTH OF PURCHASE.

REQUIREMENT

1) COMPUTE FOR THE SALES

2) COMPUTE FOR THE COST OF SALES
3)COMPUTE FOR THE TOTAL OPERATING EXPENSES
4)COMPUTE FOR THE OTHER REVENUES
5) COMPUTE FOR THE PROFIT OR LOSS FOR 2020 USING THE ANALYSIS OF CHANGE IN CAPITAL

This study source was downloaded by 100000791015910 from CourseHero.com on 03-01-2022 21:31:53 GMT -06:00

https://www.coursehero.com/file/93487905/SWp-ACCRUAL-BASIS-teacher-rev-pdf/
PANY,

31/12/2020

67,900.00
76,100.00
105,800.00
7,500.00
95,500.00
69,900.00
40,000.00
5,600.00

697,500.00
40,000.00
8,000.00

536,000.00
94,100.00
20,000.00
52,500.00

This study source was downloaded by 100000791015910 from CourseHero.com on 03-01-2022 21:31:53 GMT -06:00

https://www.coursehero.com/file/93487905/SWp-ACCRUAL-BASIS-teacher-rev-pdf/
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