Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

G Brown has the following items in her balance sheet as on 30 April 2018: Capital GHC18,400 Creditors GHC2,100, Fixtures GHC2,800, Car GHC3,900; Stock

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

G Brown has the following items in her balance sheet as on 30 April 2018: Capital GHC18,400 Creditors GHC2,100, Fixtures GHC2,800, Car GHC3,900; Stock of goods GHC4,550, Debtors GH2,780, Cash at bank GHC6,250; Cash in hand GHC220 During the first week of May 2018 (a) She bought extra stock for goods GHC400 on credit (b) One of the debtors paid her GHC920 by cheque (c) She bought a computer by cheque GHC850 You are asked to draw up a balance sheet as on 31 May 2018 after the above transactions ha been completed. Use the above information to answer question number 1 30 number 8. 1. What is the value of Non-Current assets as at 31 May 2018 A GHC6,700 B GHC7,550 C D GHC20,500 GHC22,670 E None of the Above 2. What is the value of Current assets as at 31 May 2018 A. GHC13,350 8. GHC14,200 C GHC15,120 D. GHC15,970 E GH422,67 3. What is the value of Current liabilities as at 31 May 2018 A. GH2,100 B. GH2,500 C. GH2,950 D. GHC3,020 E None of the Above 4. What is the value of the working capital as at 31 May 2018 A. GH10,850 B. GHC11,700 C. GHC12,620 D GHC13.020 E GHC18,400 5 What is the value of the Net assets as at 31 May 2018 A CHC13,020 B GHC18,400 C. GHC19,200 D. GHC20,500 E CH22,670 6. What is the value of the Total assets as at 31 May 2018 A. GHC20,500 B. GHC20,170 C. GHC20,900 D GHC21,750 E GH24.770

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

1st Canadian Edition

9780132147538, 132889714, 013214753X , 978-0132889711

More Books

Students also viewed these Accounting questions

Question

Explain the accounting for different types of loss contingencies.

Answered: 1 week ago