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Question

How do you calculate incomplete records?


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Solution

One can calculate the incomplete records by following the below steps:

  • Determine the capital.
  • Calculate the total sales of the month or year. Total Sales = Credit sales + Cash sales.
  • Determine the total purchases.
  • Determine the amount of expenses that are to be recorded in the income statement.
  • Determine the amount of depreciation that has to be charged to the income statement.

Also see: Accounts From Incomplete Records


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