AmBen has provided the following information from his incomplete records kept by his son. ...
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Accounting
AmBen has provided the following information from his incomplete records kept by his son.
Bank account
$ $
Balance 1/1.2014 4,100 Payments to creditors 67,360
Receipts from debtors 91,190 Insurance 1,470
Bal. c/d 6,300 Rent 3,950
Drawings 28,200
_____ Sundry expenses 610
101,590 101,590
Bal. b/d 6,300
All the business takings have been paid into the bank apart from $17,400. Out of this AmBen has paid wages of $11,260, drawings of $1,200 and purchase of goods $4,940.
The following additional information is available:
31/12/2013 31/12/2014
Inventory 10,800 12,200
Accounts payable for goods 12,700 14,100
Accounts receivable for goods 21,200 19,800
Insurance prepaid 420 440
Rent owing 390 --
Fixtures at valuation 1,800 1,600
You are to draw up a set of financial statements for the year ended 31 December 2014.
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