J. Hill has the following assets and liabilities on 30 November 2016: Accounts payable 2,800; Equipment 6,200;
Question:
J. Hill has the following assets and liabilities on 30 November 2016: Accounts payable £2,800;
Equipment £6,200; Car £7,300; Inventory £8,100; Accounts receivable £4,050; Cash at bank £9,100; Cash in hand £195.
You are not given the capital amount at that date.
During the first week of December 2016
(a) Flill bought extra equipment on time for £110.
(b) Flill bought extra inventory by cheque £380.
(c) Flill paid creditors by cheque £1,150.
{d) Debtors paid Flill £640 by cheque and £90 by cash.
(e) Hill put an extra £1,500 into the business, £1,300 by cheque and £200 in cash.
You are to draw up a statement of financial position as at 7 December 2016 after the above transactions have been completed.
Step by Step Answer:
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood