SOFP from incomplete records

Question 1

How to calculate non-current assets?

Answer 1

This years net book value = Last years net book value + cost of addition - net book value of disposals - depreciation for year

Question 2

How to calculate inventory?

Answer 2

Closing inventory from income statement

Question 3

How to calculate trade receivables?

Answer 3

Sales ledger control account to calculate balance carried down

Question 4

How to calculate trade payables?

Answer 4

purchase ledger control account to calculate balance c/d

Question 5

How to calculate prepayments or accruals?

Answer 5

expense t account where end of year prepayment or accrual is missing item but given expense in income statement

Question 6

How to calculate Bank account?

Answer 6

T-account

Question 7

How to calculate Loan account

Answer 7

Don’t forget to subtract repayments since a balance at start of year

Question 8

How to calculate drawings?

Answer 8

Don’t ignore information about goods taken for own use

Question 9

How to calculate statement of affairs?

Answer 9

Use assets and liabilities to calculate capital brought forward.