Lydia is a wholesaler. She has very little knowledge about accounting, but attempted to prepare a statement
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Lydia is a wholesaler. She has very little knowledge about accounting, but attempted to prepare a statement of financial position. The statement she prepared contains errors.
Prepare a corrected statement of financial positon at 31 July 20–5. Use the vertical format.
Transcribed Image Text:
Lydia Statement of financial position at 31 July 20-5 Assets Liabilities $ Premises 82500 Trade receivables 2 140 Capital 100000 Drawings 16 120 Cash 250 Loan (repayable in 5 years) 20000 Profit for the year 14350 Cash at bank 4360 Fixtures and fittings 11980 Inventory 2480 Motor vehicle 16500 Trade payables 1980 230040 52 620
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Answer Lydia Balance Sheet as on 31st July 205 Assets Amount Lia...View the full answer
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Marlon Pagsisihan
I'm working on various projects on learning platform for 2 years. Where, i had done multiple projects on financial ratios calculations, cash flow statements, Profit & loss statement, Balance sheet, Capital budgeting techniques, Net Present value calculation, Payback Period calculations, Internal Rate of Return calculations, economic order quantity, MIRR calculations & various matters.
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Related Book For
Cambridge IGCSE And O Level Accounting Coursebook
ISBN: 9781316502778
2nd Edition
Authors: Catherine Coucom
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