1. The following information about ACME Ltd relates to 31 Dec Inventory Trade Creditors Delivery Van...

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1. The following information about ACME Ltd relates to 31 Dec Inventory Trade Creditors Delivery Van Accrued Expenses Debtors Owners Equity 9,000 6,000 10,000 500 1,000 16,300 Prepayments Cash at Bank 800 ? Prepare ACME's Statement of Financial Position as at 31 December 2. From the following information find x; Assets at 31 Dec 70,000 Loss for the year ended 31 Dec Owners Equity 20,000 60,000 Capital introduced during the year ended 31 Dec 10,000 Capital withdrawn during the year ended 31 Dec Liabilities at 31 Dec 30,000 x 3. Mr. Colour Purchases goods for resale from Mr Green pays 7,000 in cash 1.10 Mr Colour starts a paint business pays 20,000 into a business bank account 2.10 3.10 4.10 5.10 Purchases goods from Ms Red on credit owes 5000 Withdraws 2,000 from the business repays himself 2,000 Repays Ms Red half the money he owes her a) Using a worksheet, show how the assets, liabilities and equity are affected by each transaction b) Prepare a Statement of Financial Position for Mr Colour as at 5 October. 4. The Net Loss for the financial year is 54,798. During the financial year, the owners invest 6,039 of equity capital and withdraw 1,882. If Capital at the start of the financial year is 372,061, what is the value of Capital at the end of the financial year? 1. The following information about ACME Ltd relates to 31 Dec Inventory Trade Creditors Delivery Van Accrued Expenses Debtors Owners Equity 9,000 6,000 10,000 500 1,000 16,300 Prepayments Cash at Bank 800 ? Prepare ACME's Statement of Financial Position as at 31 December 2. From the following information find x; Assets at 31 Dec 70,000 Loss for the year ended 31 Dec Owners Equity 20,000 60,000 Capital introduced during the year ended 31 Dec 10,000 Capital withdrawn during the year ended 31 Dec Liabilities at 31 Dec 30,000 x 3. Mr. Colour Purchases goods for resale from Mr Green pays 7,000 in cash 1.10 Mr Colour starts a paint business pays 20,000 into a business bank account 2.10 3.10 4.10 5.10 Purchases goods from Ms Red on credit owes 5000 Withdraws 2,000 from the business repays himself 2,000 Repays Ms Red half the money he owes her a) Using a worksheet, show how the assets, liabilities and equity are affected by each transaction b) Prepare a Statement of Financial Position for Mr Colour as at 5 October. 4. The Net Loss for the financial year is 54,798. During the financial year, the owners invest 6,039 of equity capital and withdraw 1,882. If Capital at the start of the financial year is 372,061, what is the value of Capital at the end of the financial year?

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1 Journal entry for the effect of the six months of rent collected in advance on November 1 2022 for Gordon Company Debit Cash 6300 Credit Rent Receivable 6300 2 Journal entry to show the effect of th... View the full answer