# Principles of Accounting: Incomplete and Single Entry Example 1 solution

////Principles of Accounting: Incomplete and Single Entry Example 1 solution

## Principles of Accounting: Incomplete and Single Entry Example 1 solution

• This the solution to our first example question on incomplete and single entry
• First we need to calculate the Sales figure for the year ended 30 April 20×9:

#### Sales Figure Calculation

 Details Amount (\$) Sales Calculation Details Amount (\$) Drawings 6 000 Sales (A) 102 908 Shop takings 96 500 Miscellaneous Expenses 408 102 908 102 908
• Then we need to ascertain purchases for the year:

#### Purchases Figure Calculation

 Purchases Calculation Details Amount(\$) Details Amount(\$) Bank 70 500 Purchases for the Period (B) 78100 Owings at the end 7 600 78 100 78 100

#### Income Statement for the year ended 30 April 20×9

 \$ \$ Sales (A) 102 908 Cost of Sales Opening Stock 9 500 Purchases (B) 78 100 87 600 Less Closing Stock (13 620) (73 980) 28928 Less Expenses Vehicle Running Expenses 1 020 Lighting and heating 940 Sales assistant's wages 5 260 Miscellaneous expenses (C) 1 370 Bad Debts 150 Depriciation 1 720 (10 460) 18468

NB This is how arrived at the Miscellaneous expenses figure:

 Miscellaneous Expenses Details Amount(\$) Details Amount(\$) Bank 962 Total for the year (C) 1 370 Cash 408 1 370 1 370

NB Common sense shows a Statement of Affairs is not required in this instance as we are not required to create a Statement of Financial Position or calculate Capital Balances. Also please note the workings above are for illustration purposes only, there are not real double entry accounts.

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

By |2018-01-30T10:41:24+00:00January 30th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|Comments Off on Principles of Accounting: Incomplete and Single Entry Example 1 solution

### About the Author: Garikai Dzoma

He holds an Honours in Accountancy degree from the University of Zimbabwe. He is passionate about technology and its practical application in today's world.