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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University OPEN UNIVERSITY of MAURITIUS (UOM)
Subject OUbs008: Accounting Fundamentals

Answer all questions

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

 Rs
Capital 1 July 20197,000
 Inventory, 1 July 20192,644
Freehold Premises6,400
Carriage of Purchases590
 Receivables3,500
 Payables2,300
 Bad Debts are written off896
 Purchases28,485
 Sales39,592
Returns Inwards415
Returns Outwards614
Discount Received412
Wages6,200
Rent and Rates1,000
Lighting114
Insurance452
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  • Baker has withdrawn cash for his personal use, taking Rs100 from sales every month and this has not been taken into account.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

REQUIRED

  • 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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