Question

Opening balance of debtors : Rs. 30000, cash received : Rs. 100000, Credit Sales  Rs. 90000; closing balance of debtors is

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Answer 1

Answer:

Closing balance of debtors is Rs. 20000

Explanation:

This is based on the accounts from incomplete records.

The following are the restrictions on incomplete records:

• Because the double entry system is not used, it is impossible to compile a trial balance and guarantee the accuracy of the accounts.
• It is impossible to accurately determine and evaluate the financial outcome of business operations.
• Due to its failure to record two sides of a business's financial transactions, the single entry system is viewed as an insufficient method of bookkeeping.
• The spending, income, asset, and liability accounts are improperly maintained.
• As a result, these documents are referred to as Incomplete Records because they only contain partial information.

Final answer:

Opening balance of debtors : Rs. 30000, cash received : Rs. 100000, Credit Sales  Rs. 90000; closing balance of debtors is Rs. 20000

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