Incomplete Records

HOW TO FIND:

Opening Capital of Business - Needed for Balance Sheet

• Add up total Assets on 1st day of year
• Take away total Liabilities on 1st day of year
• Assets - Liabilities = Capital
• REMEMBER if given cash book summary the opening balance for that should be included in either opening assets/opening liabilities
• If new capital added during year - Will appear on debit side of cash book summary - Should be added to Opening capital figure included in Balance Sheet

Sales to Credit Customers

• Prepare Sales Ledger Control A/C using opening and closing debtor balances + receipts from customers in cash book summary.
• Add other entries such as bad debts and discount allowed if needed
• Sales figure will be the balancing amount

Purchases from Creditors

• Prepare Purchase Ledger Control A/C using opening…