Help with this Incomplete Records question.

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Warning, if you're not using your phone for this question, you might have to tilt your neck quite a bit.


I've taken the 3000 pounds as the opening capital.

To calculate Total Sales, I've added Debtors amounted to (£1150) with Receipts for Work done (£24000) = £25150

Total Purchase was the cost of material bought, with £4750

I've also made a ledger account for Cash at Bank and got 6460



I then moved on with the Income Statement. Where I got 6220 as my Net Profit after deducting it from a gross profit of 21650



Finally, I reached the Statement of Financial position where the Capital Employed doesn't balance with the Working Capital
Just 90 pound off :mad:



I want to know where specifically I went wrong in this question. I feel extremely guilty for not being able to balance this for some reason.
 
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Also, sorry for the quality of the pictures. As you can see, I'm trying to be an accountant so I can get a better camera.

Jokes.
 

Fidget

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You've made an arithmetical error calculating your net profit:

21650 - 6220 is 15430, not 15340, so that's where your missing 90 is.

Also, I'd put the 2400 building society payment through drawings rather than through the P&L as it is for a private residence, so it's not a business expense.
 

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