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Question
How do you calculate incomplete records?
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
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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