The following information relates to A. Trader's business: During the year, Trader had sold private investments for

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The following information relates to A. Trader's business:

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During the year, Trader had sold private investments for £4,000 which he paid into the business bank account, and he had drawn out £200 weekly for private use.

Required:
Prepare a statement of financial position as at 31 December 2016 and give the net profit as at that date.

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Frank Woods Business Accounting Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

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Question Posted: Mar 27, 2024 04:00 AM

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The following information relates to A. Trader's business: During the year, Trader had sold private investments for

Question:

Assets and liabilities at Fixtures Account receivable Inventory 1 January 2016 31 December 2016 f 18,000 16,200 4,800 5,800 24,000 28,000 Accounts payable 8,000 11,000 Cash 760 240 Balance at bank 15,600 4,600 Loan from B. Burton 6,000 2,000 Motor vehicle 16,000

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Frank Woods Business Accounting Volume 1

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