Prepare the statement of financial position for C. Koat at 31 December 20X9: Assets: Office building 25,000,
Question:
Prepare the statement of financial position for C. Koat at 31 December 20X9:
Assets: Office building £25,000, Factory £60,000, Inventory £8,000, Cash £500, Monies owed from a customer £3,500.
Liabilities: Bank overdraft £5,000, Monies owed to R. Lodge £6,000, Bank loan £2,000.
C. Koat lodged £5,000 of his own personal monies to the business account during the year.
Required
Using the accounting equation, determine C. Koat’s net worth at 31 December 20X9.
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Related Book For 
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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