Business, 15.04.2021 15:10 Tioquino8089

Sole Traders are often ignorant to the accounting procedures necessary for the preparation of a complete set of financial accounts. In many instances these Sole Traders are required to produce an income statement and a statement of financial position at the end of the trading period. Required:

A. Describe TWO (2) situations in which a sole trader may have incomplete records of accounting transactions.

B. Use examples to illustrate THREE (3) techniques that can be used to construct relevant financial data from a set of incomplete record.

C. Lyn Mack is a hair dresser who is able to provide the following figures from a diary for the year ended December 31, 2018:

Supplies at the end of the year $40,000

Hair Dryers $38,000

Owing to suppliers $10,000

Loan from BNS $35,000

Furniture $90,000

Owings by customers $25,000

Required:

Use the information above to construct Lyn Mack’s Statement of Affairs and ascertain the opening capital.

Answers: 3

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