F Dale has the following assets and liabilities as on 30 November 19X9: Creditors 3,950; Equipment 11,500;

Question:

F Dale has the following assets and liabilities as on 30 November 19X9:

Creditors £3,950; Equipment £11,500; Motor vehicle £6,290; Stock of goods £6,150; Debtors

£5,770; Cash at bank £7,280; Cash in hand £40.

The capital at that date is to be deduced by you.

During the first week of December 19X9, Dale:

(a) Bought extra equipment on credit for £1,380.

(6) Bought extra stock by cheque £570.

(c) Paid creditors by cheque £790.

(d) Debtors paid us £840 by cheque and £60 by cash.

(e) F Dale put in an extra £250 cash as capital.

You are to draw up a balance sheet as on 7 December 19X9 after the above transactions have been completed.

Step by Step Answer:

Related Book For  book-img-for-question

ISE Business Accounting Volume 1

ISBN: 9780273638391

8th Edition

Authors: Frank Wood, Alan Sangster

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