Answered step by step
Verified Expert Solution
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
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 GHC2,780; ;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 have been completed. Use the above information to answer question number 1 to number 8. 1. What is the value of Non-Current assets as at 31 May 2018 ARCDE A. GHC6,700 GHC7,550 C. D. GHC20,500 GHC22,670 E. None of the Above 2. i What is the value of Current assets as at 31 May 2018 A. GHC13,350 B. GHC14,200 C. GHC15,120 ARCDER D. GHC15,970 E. GHC22,67 3. What is the value of Current liabilities as at 31 May 2018 A. GHC2,100 B. GHC2,500 C. GHC2,950 D. GHC3,020 E. None of the Above 4. 2018 What is the value of the working capital as at 31 May A. GHC10,850 B. GHC11,700 C. GHC12,620 D. GHC13,020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started