Seng commenced business on 1 January 2003 when he paid $40 000 into the bank together with
Question:
Seng commenced business on 1 January 2003 when he paid $40 000 into the bank together with $20 000 which he had received as a loan from his brother. At 31 December 2003 Seng's assets and liabilities were as follows.
Seng's drawings were $100 per week.
Required
(a) Prepare Seng's statements of affairs at
(i) 1 January 2003
(ii) 31 December 2003.
(b) Calculate Seng's profit or loss for the year ended 31 December 2003.
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a Sengs Statements of Affairs i 1 January 2003 Assets Amount Liabilities Amount Shop premises 20000 ...View the full answer
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