ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 2

William Sachikonye Statement of Financial Position

$$$
Non Current AssetsBalanceDepriciationNet Book Value
Motor Vehicle5 100(1 020)4 080
Shop Fittings

6 200

(620)

5 580

11 300(1 640)9 660
Current Assets
Stock4 063
Debtors4 012
Prepaid Insurance177
Bank

1 775

10 027
Less Current Liabilities
Trade Creditors2 445
Accrued Motor Vehicle Expenses291

(2 736)

7291

16 951

Capital15 243
Net Profit


18 701

33 944
Less Drawings (16 743+250)(16 993)

16 951

  • Capital is inserted as a Balancing figure in this case
  • The difference between Opening Capital and Closing Capital shown above can be easily explained by additional capital injected in the business during the year Capital at the beginning was $13 123
  • Drawings include the $250 taken in the form of Shop Fittings
  • Depreciation is calculated only on year end balances

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

 

- See latest Zimbabwe grocery prices -

Deals

SEE LATEST SUPERMARKET PRICES, SHOP FOR GROCERIES VIA WHATSAPP
SEE PRICES & NEWS
We publish the latest grocery prices from Zimbabwean supermarkets. We also deliver groceries online

Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.