• This the solution to our first example question on incomplete and single entry
  • First we need to calculate the Sales figure for the year ended 30 April 20×9:

Sales Figure Calculation

DetailsAmount ($)Sales CalculationDetailsAmount ($)
Drawings6 000Sales (A)102 908
Shop takings96 500
Miscellaneous Expenses408

102 908

102 908

  • Then we need to ascertain purchases for the year:

Purchases Figure Calculation

Purchases Calculation
Bank70 500Purchases for the Period (B)78100
Owings at the end 7 600

78 100

78 100

Income Statement for the year ended 30 April 20×9

Sales (A)102 908
Cost of Sales
Opening Stock9 500
Purchases (B)

78 100

87 600
Less Closing Stock

(13 620)

(73 980)

Less Expenses
Vehicle Running Expenses1 020
Lighting and heating940
Sales assistant's wages 5 260
Miscellaneous expenses (C)1 370
Bad Debts150
Depriciation1 720
(10 460)


NB This is how arrived at the Miscellaneous expenses figure:

Miscellaneous Expenses
Bank962Total for the year (C)1 370

1 370

1 370

NB Common sense shows a Statement of Affairs is not required in this instance as we are not required to create a Statement of Financial Position or calculate Capital Balances. Also please note the workings above are for illustration purposes only, there are not real double entry accounts.

To access more topics go to the Principles of Accounting Notes.


Quick NetOne, Econet, And Telecel Airtime Recharge