Ian owns his own computer retailing business. For each of the following items, state whether or not the item should be included in Ian's balance sheet at 31 December 1999 and, if so, under which classification and at what amount:

(a) A computer which cost £1,500 in late 1999. The computer was bought for resale but had not been sold by 31 December 1999. It is expected to be sold for £2,000 in the near future.

(b) A computer which has been hired from a computer manufacturer and which is used for display and demonstration purposes. The hire charge is

£100 per month.

(c) A computer which was bought for £1,000 several years ago but which was never sold and is now worthless.

(d) A computer which Ian took from the business as a gift for his son. The computer cost the business £800 to acquire.

(e) Ian's business premises which cost £50,000 eight years ago. The premises are now worth at least £80,000.

(f) A 15-year bank loan which was used to finance the acquisition of the business premises. The amount outstanding on 31 December 1999 is

£37,000.

(g) Ian's own home, which cost him £75,000 originally but which is now worth £120,000.
(h) A debt of £27,400 which the business owed to one of its major suppliers on 31 December 1999, (i) A debt of £1,800 which was owed to the business by one of its customers on 31 December 1999.
(j) The business bank overdraft, which stood at £13,750 on 31 December 1999. The business has had an overdraft of roughly this size for many years.