estion 1 Describe four demerits of incomplete records. (4 marks) (b) Becky, a sole trader, does not keep proper books of accounts. From your investigati discovered that she kept a small notebook into which she recorded all cash receipts payments for the year ended 31 March 2022. Receipts Cash in hand Sales Trade receivables Capital introduced Receipts and Payments Account GHe Payments 0 Shop premises Shop fittings Inventory Trade receivables Trade payables Rent prepaid Electricity bill outstanding 11,500 Rent 62,000 Communication expenses 32,500 Electricity 15,000 Purchases Trade payables 121,000 Insurance Drawings Sundry expenses Shop fittings Cash in hand Her assets and liabilities at the beginning and at the end of the year were a- 31/03/2022 31/03/ GH¢ 205,000 33,500 65,500 13,000 5,500 1,800 300 GH 225. 26 60 Discount received and discount allowed were GH¢800 and GH¢1,C Cost of goods returned by trade debtors were GH¢1,500. Cost of goods returned to trade creditors amounted to GH¢1,200. Capital introduced during the year amounted to GH¢15,000. re required to prepare: Statements of affairs as at 31 March 2021 and 31 March 2022 [8 ma A statement of profit or loss for the year ended 31 March 2022. [8 n [Total
