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Items reducing the deficit:
Items reducing the deficit would include:(a) Profits from trading;(b) Estimated profit on the realisation of assets.Notes:
(a) Where an examination question fails to give you a balance sheet at the date of the receiving order, you should draw up a "rough" balance sheet to provide the basis for agreeing the deficiency shown in the statement of affairs with that in deficiency account.
(b) Preparation of the statement of affairs and the deficiency account is based on "double entry" principles.i. Items not in the balance sheet must have a debit and credit within the statement of affairs and deficiency account.
ii. Where the estimated realisable value of an asset differs from its book value i.e. the value at which it appears in the balance sheet given or computed as in (i) above, the difference must be reflected in the deficiency account.
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a
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