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PAGE 34 Preparation of Income Statement and Statement of Financial Position from incomplete records: Bank statement, bank paying in book, cheque book, supplier's invoices, sales invoices copies are some records of receipts & payments. Income statement and Statement of Financial Position can be made from these records. Steps: 1. Prepare an opening statement of affairs. (opening capital) 2. Prepare a Receipt & payment a/c. 3. Prepare Trade Receivable and Trade Payables A/Cs to calculate sales and purchases. 4. Adjust the receipts and payments for accruals (Account payables) and prepayments (Account receivables) at the beginning and end of the period. 5. Calculate any provision for doubtful debts and provision of depreciation or any other thing not done above. 6. Prepare financial statements. Example: Some recordings of Asim: 1. Cash taking paid into bank: $8,000 2. Cheques drawn: payments to suppliers $2.430; rent $600; electricity (S320: postage & stationary $80; purchase of shop fittings $480: cheques drawn for personal expenses $2,950. 3. Asim banked all his takings after paying the following in cash: Trade payables for supplies $400 and sundry expense $115. 4. Asim estimated his assets & liabilities at Jan 1, 2013: shop fittings $1,600; Inventory $1,960; trade receivable $240; rent prepaid $80; bank balance $1,500; cash in hand $50; trade payables $420; electric owing $130. 5. Asim estimated his assets & liabilities at Dec 31, 2013: shop fittings $1,800; Inventory $1,520; trade receivable $380; rent prepaid $50; bank balance $2,640; cash in hand $50; trade payables $390; electric owing $225. PAGE 34 Preparation of Income Statement and Statement of Financial Position from incomplete records: Bank statement, bank paying in book, cheque book, supplier's invoices, sales invoices copies are some records of receipts & payments. Income statement and Statement of Financial Position can be made from these records. Steps: 1. Prepare an opening statement of affairs. (opening capital) 2. Prepare a Receipt & payment a/c. 3. Prepare Trade Receivable and Trade Payables A/Cs to calculate sales and purchases. 4. Adjust the receipts and payments for accruals (Account payables) and prepayments (Account receivables) at the beginning and end of the period. 5. Calculate any provision for doubtful debts and provision of depreciation or any other thing not done above. 6. Prepare financial statements. Example: Some recordings of Asim: 1. Cash taking paid into bank: $8,000 2. Cheques drawn: payments to suppliers $2.430; rent $600; electricity (S320: postage & stationary $80; purchase of shop fittings $480: cheques drawn for personal expenses $2,950. 3. Asim banked all his takings after paying the following in cash: Trade payables for supplies $400 and sundry expense $115. 4. Asim estimated his assets & liabilities at Jan 1, 2013: shop fittings $1,600; Inventory $1,960; trade receivable $240; rent prepaid $80; bank balance $1,500; cash in hand $50; trade payables $420; electric owing $130. 5. Asim estimated his assets & liabilities at Dec 31, 2013: shop fittings $1,800; Inventory $1,520; trade receivable $380; rent prepaid $50; bank balance $2,640; cash in hand $50; trade payables $390; electric owing $225