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Single Entry and Incomplete Record ( ) I. Introduction The basic concept of keeping accounting records is to use the Double-entry system. However, most small firms use the single-entry system or their records are incomplete. Students have to solve the problem by converting them into formal ( ) double-entry system. II. Some Common Accounting Computations from Incomplete Records A. Opening Capital Opening Capital = Opening Assets – Opening Liabilities Opening here means the starting date/first day of the financial period/year. Example 1: K Wong is a sole trader who does not keep his business b usiness transactions under a double-entry system but he keeps accurate ( ) records. From his records the following information has been obtained: 1 January 2000 Rs.
Premises 50,000 Furniture and Fittings 7,500 Stock 9,100 Debtors 6,700 Cash at Bank 3,100 Creditors 5,800 His financial year ends on 31 December each year. REQUIRED: Calculate K Wong’s Capital as at 1 January 2000. Solution 1: Since K Wong’s financial year ends on 31 December every year, the capital on 1 January 2000 is his opening capital. cap ital. Capital at 1.1.2000 = A Statement of Affairs is prepared to find the answer. It is a statement looking exactly as to a Balance Sheet. The only difference is a Statement of Affairs stems from incomplete record while Balance Sheet stems from double-entry system. K. Wong Statement of Affairs as at 1 January 2000 Assets Less: Liabilities Capital as at 1 January 2000 = B. Closing Capital The formula to find closing capital is the same as opening capital, the only difference is the date. Closing Capital = Closing Assets – Closing Liabilities Note : Closing means the ending date/last day of the financial period/year.
Example 2: The facts are the same as a s in Example 1. From his records, the following information has been obtained: 31 December 2000 Rs Premises 52,000 Furniture and Fittings 7,200 Motor Vehicle 5,500 Stock 10,200 Debtors 6,200 Bank Overdraft 2,800 Creditors 6,300 His financial year ends on 31 December each year. REQUIRED: Calculate K. Wong’s Capital as at 31 December 2000. Ch.33 F.5 PA - Incomplete Record/LWL
Solution 2: Since K. Wong’s financial year ends on 31 December every year the capital on 31 December 2000 is his Closing Capital. Formula: Capital at 31.12.2000 = K. Wong Statement of Affairs as at 31 December 2000 Assets Less : Liabilities = Capital at 31 December 2000 = C. Net Profit for the Year Formula: Net Profit = Closing Capital + Drawings – Opening Capital – Additional Capital Introduced Example 3: The facts are the same as a s in Examples 1 and 2. 2 . The following information is added: K. Wong drew $120 each month for his personal used from the business bank account. In June 2000, he further put $2,000 into the business.
