ACCOUNTING - INCOMPLETE RECORDS

EAZY REVISION NOTES FOR INCOMPLETE RECORDS

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  • Created by: KHAN
  • Created on: 16-12-08 19:17

Incomplete Records for success

Incomplete records is where the accounting documents are incomplete or missing this is most common in :1)small businesses-where the small amount of transactions occuring do not warrant the use of a double entry book keeping system(e.g a window cleaning business)

2)A sole trader- who doesnt have the knowledge or expertise to run a double entry book keeping system

What could we be asked to find the missing figures to in the exam:

1)cash stolen

2)stock stolen

3)Sales

4)Purchases

i will explain to you how to figure out each of the above figures on the following set of cards >>>>>

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How to find the Missing Sales Figure?

HOW TO FIND THE MISSING SALES FIGURE?

IN THE EXAM THEY WILL MOST PROBABLY ASK YOU TO DO A TRADING AND PROFIT AND LOSS ACCOUNT.IN ORDER TO DO THIS YOU WILL NEED THE SALES FIGURE:

EAZY STEPZ:

1)LOOK FOR THE OPENING DEBTORS AMOUNT

2)LOOK FOR THE CLOSING DEBTORS AMOUNT

3)LOOK FOR THE AMOUNT OF CASH RECEIVED FROM DEBTORS

THEN:

OPEN AT-ACCOUNT

>>>NEXT PAGE!!!!

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How to find the Missing Sales Figure?(CARD 2)

DR side

bal b/d

sales

cr side

cash received from debtors

bal c/d

cr side total minus dr side total = missing sales figure!!!

where do the figures come from?

bal b/d is the opening debtors figure that you found from the question

cash received from debtors is usually on the debit side of a bank account

bal c/d is the closing debtors figure that you found out from the question

NEXT STAGE>>>>>

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How to find the Missing Sales Figure?(CARD 3)

ok so youve entered the figures onto the correct side of the t-account but i might be right in saying that you think we havent put the sales figure in yet???

well to do this you add up the CR side of the t-account then minus it from the DR side

EG: cr=250 dr=100 (250-100)

this will give you your sales figure and voila!!!

want to see it in action look below

Opening debtors = 500 closing debtors=350 cash received=100

stage 1:

draw a t-account

stage 2: enter the figures on the right side

stage 3: minus the cr side from the dr side to find the sales

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