Accounting Test Question IR No.1 On Incomplete Records

November 16th, 2006 /

Any change in capital structure will be influenced by any one or a combination of the following transactions, events or results:

introduction of capital;
drawings; and/or
trading profits or losses.

By using the accounting equation, and given the values of opening and closing capital together with drawings and the amounts of any capital introductions, the value of profit or loss can be determined.

Accounting Test Question IR No. 1

Mr. Aâ€™s financial details for the years ended 2004 and 2005 showed:

	2004	2005
Assets:
Motor Vehicle	6,500	5,500
Equipment	2,500	2,000
Stock	750	1,650
Cash at Bank	900	1,300
	10,650	10,450
Less Creditors	750	650
	$9,900	$9,800

Mr Aâ€™s drawings for the year were $10,650. He had sold some shares for $1,050, the proceeds of which he had paid into his business bank account. Show the profit for the year 2005 of Mr. A.

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Financial Accounting Question Bank On Incomplete Records | Basic College Accounting.com
[...] IR No. 1 [...]
jjd
Whats the answer??????????????????????????????????/
Eric
this answer is $ 21,000.
vanisha
wot is d answerrrr
dismas mogire
this is ok and i request many examples on incomplete records sent to my mail please i am due for an exam

thanks and God bless
duale
the answer is loss of 200$ coz da change in net assets in 100+10650-1050=9700
tito
please give us tne answer to this

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