Question 1:Anjali is a sole trader. She does not maintain a full set of accounting records.At 1 October 2019 the assets and liabilities of Anjali were as follows:Cash at bank4 600 debitInventoryNon-current assets (carrying value)Trade payables14 50085 0009 930Trade receivables12 850During the year ended 30 September 2020 the following transactions were recorded.General expenses paid11 480Payments to trade payablesReceipts from trade receivablesRental income received50 25073 8509 00Returns inwards2 070Returns outwards1 290Anjali made drawings of $600 per month throughout the year.All receipts and payments were processed through the bank account.Irrecoverable debts of $2300 were written off.ATAt 30 September 2020 the assets and liabilities were as follows:18 000 SENInventoryNon-current assets (carrying value)Prepaid general expensesTrade payables72 25060011 470Trade receivables14 980REQUIRED(a) Calculate the bank balance at 30 September 2020.

For calculating the closing bank balance the cash at bank ledger has to be prepared.

Anjali is a sole trader. She does not maintain a full set of accounting records. At 1 October 2019 the assets and liabilities of Anjali were as follows: Cash at bank 4 600 debit Inventory Non-current assets (carrying value) Trade payables 14 500 85 000 9 930 Trade receivables 12 850 During the year ended 30 September 2020 the following transactions were recorded. General expenses paid 11 480 Payments to trade payables Receipts from trade receivables Rental income received 50 250 73 850 9 000 Returns inwards 2 070 Returns outwards 1 290 Anjali made drawings of $600 per month throughout the year. All receipts and payments were processed through the bank account. Irrecoverable debts of $2300 were written off. At 30 September 2020 the assets and liabilities were as follows: 18 000 SEN 72 250 Inventory Non-current assets (carrying value) Prepaid general expenses Trade payables 600 11 470 Trade receivables 14 980 REQUIRED (a) Calculate the bank balance at 30 September 2020.

Anjali is a sole trader. She does not maintain a full set of accounting records. At 1 October 2019 the assets and liabilities of Anjali were as follows: Cash at bank 4 600 debit Inventory Non-current assets (carrying value) Trade payables 14 500 85 000 9 930 Trade receivables 12 850 During the year ended 30 September 2020 the following transactions were recorded. General expenses paid 11 480 Payments to trade payables Receipts from trade receivables Rental income received 50 250 73 850 9 000 Returns inwards 2 070 Returns outwards 1 290 Anjali made drawings of $600 per month throughout the year. All receipts and payments were processed through the bank account. Irrecoverable debts of $2300 were written off. At 30 September 2020 the assets and liabilities were as follows: 18 000 SEN 72 250 Inventory Non-current assets (carrying value) Prepaid general expenses Trade payables 600 11 470 Trade receivables 14 980 REQUIRED (a) Calculate the bank balance at 30 September 2020.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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