Question 2U. Richards does not keep his books on the double entry system. His bank summaryamount for 2010 is as follows:Balance 1.1.20101890Receipts from$44656debtorsCreditorsLoan from U. Miller$2.000RatesRentDrawingsCash withdrawn frombank$5400Payment to Trade$316952750131630951642Sundry ExpenseRecords of cash paid were sundry $122, trade creditors $642. Cash sales amounted tocash drawings were $5289.The following information is also available:31.12.20131.12.20011Cash in hand$48$93Trade creditors$4896$5091Accounts Receivables60$711332Rent Owing$250Rates in Advance$282$312Motor van (at valuation)28002400Stock1116313021Required:A. Statement of Affairs. (to find opening capital as at 31.12.2010)B. Cash Account & Bank Account.C. Accounts Receivables & Accounts Payables Control A/Cs.D. Income Statement for the year ended 31 December 2011.

A. Statement of AffairsThe statement of affairs is used to calculate the opening capital, which is…

Answered: Question 2 U. Richards does not keep…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 59BPSB

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