Accounts help...AS!

[~cornelia~]

p21 m/j 2009

Question 1,
a)how to get the amounts for sales and purchases...?
b) capital?? bank?

thanks

[Crooked]

Sales
= bal bf debtors + credit sales - cash paid by debtors - bal c/d
= 66340   +  X  - 841030 - 60870
X = 835560.

Same method goes fer Purchases but yuh need to consider discounts too, alright ? If yuh find difficulty calculating purchases, do lemme know. (:

Bank
It's already given in the question. The closing bank balance in the question is the one which will be recorded in the B/S.

Opening capital is calculated by adding up all the assets minus liabilities(including the bank balance at beginning of the year) at 1st april 2008.
Add the net profit and deduct drawings fer the current year to it in order to arrive at the closing capital.

Hope this helped. If yuh need more help regarding this q, pm me. (:
Thank yuh.

[~cornelia~]

Thanks for your help, I got it now.

Don't worry, I will everyone busy by posting more doubts here..
Thanx again

[Romeesa-Chan]

Thanks for your help, I got it now.

Don't worry, I will everyone busy by posting more doubts here..
Thanx again

Will keep* everyone busy.

[Somiwhd]

what is asset valuation

[~cornelia~]

Will keep* everyone busy.

thanx bacha..

what is asset valuation

The process of determining the current worth of a portfolio, company, investment, or balance sheet item.
OR
Determination of the value of capital assets or fixed assets, they value at which they should be shown in their owner's balance sheet.

try this: http://www.wisegeek.com/what-is-asset-valuation.htm