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plz solve this question asap!

 
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plz solve this question asap!
kamranACA
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#3
04-12-2007, 07:08 PM
Q2There is $100 in the cash till at the year end at F ltd,but the accountant has discovered that some cash has been stolen.At the beginning of the year there was $50 in the cash till n debtors were $2000.Total sales in the year were $230,000.Debtora at the end of the year were $3000.Cheques banked from credit sales were $160,000 and cash sales of $50000 have been banked.
How much cash was stolen during the year?

SUGGESTED ANSWER

It is assumed that cash plus credit total sales = 230000$ (in which break up of cash sales and credit sales is not known.)

We calculate credit sales by following reconciliation


Closing debtors = 3,000$
Add
Total cheques received against credit sales = 160,000$

Less
Opening debtors = 2,000$

=
Credit sales = 161,000$


NOW,

After knowing credit sales we can calculate cash sales as under

Cash sales = Total sales - credit sales

= 230,000$ - 161,000$

= 69,000 $


Now cash stolen can be determined by following reconciliation

Opening cash in hand/till = 50$

Add Cash sales = 69,000$

Less Cash deposited against cash sales = 50,000$

Less Closing cash in hand/till = 100$

=

Cash stolen = 18,950$

THEREFORE CASH STOLEN IS EQUAL TO 18,950$.



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Messages In This Thread
plz solve this question asap! - by darenatto - 04-11-2007, 03:52 AM
[No subject] - by kamranACA - 04-12-2007, 06:50 PM
[No subject] - by kamranACA - 04-12-2007, 07:08 PM
[No subject] - by kamranACA - 04-12-2007, 07:17 PM
[No subject] - by kamranACA - 04-12-2007, 07:27 PM
[No subject] - by kamranACA - 04-12-2007, 07:36 PM
[No subject] - by kamranACA - 04-12-2007, 07:43 PM
[No subject] - by kamranACA - 04-12-2007, 07:54 PM
[No subject] - by kamranACA - 04-12-2007, 08:03 PM
[No subject] - by Cool Lioness - 08-02-2007, 10:38 PM
[No subject] - by kamranACA - 08-03-2007, 08:33 PM

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