OUbs008: BAKER has been in Business as a Retailer The following Balances were Extracted from his Books on 31 December 2019: Accounting Fundamentals Assignment, OUM, Mauritius

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Subject OUbs008: Accounting Fundamentals

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BAKER has been in business as a retailer. The following balances were extracted from his books on 31 December 2019.

Capital 1 July 20197,000
 Inventory, 1 July 20192,644
Freehold Premises6,400
Carriage of Purchases590
 Bad Debts are written off896
Returns Inwards415
Returns Outwards614
Discount Received412
Rent and Rates1,000
Cash in Hand63
Cash at Bank841(cr)

Additional information:

  • The closing inventory was valued at Rs2,089
  • Baker has withdrawn cash for his personal use, taking Rs100 from sales every month and this has not been taken into account.
  • Withdrawal of goods worth Rs175 for owner”s use has not been recorded
  • Of the Rs 452 for insurance, Rs 68 was the insurance premium for Baker”s own private residence
  • An amount of Rs37 was owing for lighting


  • Prepared the income statement for the half-year ending 31 December 2019
  • The Statement of Financial Position as of 31 December 2019
  • Explain with examples the importance of Bank Reconciliation and how a proper Bank Reconciliation can help Management in Decision Making.

(d) Financial accounting rest upon a number of accounting concepts. Briefly explain five of these concepts.

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