Karie Auto Supplies is a soletrader enterprise which did not maintain full double entry records. The owner asked you an accounts clerk to find some missing figures for him. He provides the following balances: Jan 1, 2020Dec 31, 2020 Building 1,000,000 1,0000,00 Fixtures and fittings 250,000 250,000 Loan 800,000 800,000 Stock 120,000 155,000 Bank 200,000 535,000 Receivables 85,000 100,000 Payables
Karie Auto Supplies is a soletrader enterprise which did not maintain full double entry records. The owner asked you an accounts clerk to find some missing figures for him. He provides the following balances: Jan 1, 2020Dec 31, 2020 Building 1,000,000 1,0000,00 Fixtures and fittings 250,000 250,000 Loan 800,000 800,000 Stock 120,000 155,000 Bank 200,000 535,000 Receivables 85,000 100,000 Payables
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 1PA: On June 30, Oscar Inc.s bookkeeper is preparing to close the books for the month. The accounts...
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Karie Auto Supplies is a soletrader enterprise which did not maintain full double entry records. The owner asked you an accounts clerk to find some missing figures for him. He provides the following balances:
Jan 1, 2020Dec 31, 2020
Building 1,000,000 1,0000,00
Fixtures and fittings 250,000 250,000
Loan 800,000 800,000
Stock 120,000 155,000
Bank 200,000 535,000
Receivables 85,000 100,000
Payables 56,000 75,000
Goods taken for personal use amounted to $5,0000.
Required :
a. Calculate the capital as at January 1, 2020 and December 31, 2020.
b. Ascertain the amount for net profit for the year via the balance sheet.
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