I need perfect answer otherwise I will give downvotes A Retail Trader had not kept proper books of Accounts but from the followingdetails you are required (i) to ascertain the profit or loss for the year ended30.06.2016 and also (ii) to prepare a statement of affairs as at that date :01.07.2019 30.06.202016,70015,40011,200ParticularsStock in tradeCreditorsDebtors18,50014,00010,500 Cash in handBank.overdraftBills ReceivableFurnitureMotor Van1,20019,40014,2001,5001,90025020,20015,0501,5001,900Drawing during the year amounted to Rs.2,600. Depreciate Furniture by10% and write Rs. 300 off Motor Van. As regards the debtors it is ascertained thatRs.500 are irrecoverable and further reserve of 5% should be made. Also Reserve090.39 inegeonRs. 700 in respect of Bills receivable.

Statement of affairs is the required statement showing current financial position of the company. It…

A Retail Trader had not kept proper books of Accounts but from the following details you are required (i) to ascertain the profit or loss for the year ended 30.06.2016 and also (ii) to prepare a statement of affairs as at that date : Particulars 01.07.2019 30.06.2020 Stock in trade Creditors Debtors 16,700 15,400 11,200 18,500 14,000 10,500

A Retail Trader had not kept proper books of Accounts but from the following details you are required (i) to ascertain the profit or loss for the year ended 30.06.2016 and also (ii) to prepare a statement of affairs as at that date : Particulars 01.07.2019 30.06.2020 Stock in trade Creditors Debtors 16,700 15,400 11,200 18,500 14,000 10,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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