Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jay Joy owns a coffee shop. The financial year ends on 30 September. Her Balance Sheet (Statement of financial position) prepared on 30 September 2021

Jay Joy owns a coffee shop. The financial year ends on 30 September. Her Balance Sheet (Statement of financial position) prepared on 30 September 2021 is shown below. Some words and figures are missing.

8 REQUIRED (a) Enter the missing words or figures in each of the boxes (i) to (vii). Jay Joy Balance Sheet (Statement of Financial Position) as at 30 September 2021 N$ N$ N$ OWNER’S EQUITY (i)………………… Capital 96 800 Add: Net profit 15 000 111 800 Less: (ii)………………. 10 000 EMPLOYMENT OF CAPITAL Fixed Assets (Noncurrent assets) Cost price Provision for depreciation (iii)……………………….. Machinery 15 000 2 250 12 750 Furniture 65 000 9 750 55 250 Fixtures and Fittings 26 000 (iv)……………… 23 400 106 000 14 600 91 400 Working capital (vi)………………….. Current assets 20 400 Stock (Inventory) 8 000 Accrued income (Other receivables) (v)………………………. Bank 10 400 Current liabilities 10 000 Accrued Expenses (Other payables) 10 000 (vii)…………………….

Step by Step Solution

3.43 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

i The missing word is Retained This represents the accumulated profits that the business has retaine... 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 and Reporting a Global Perspective

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

4th edition

978-1408066621, 1408066629, 1408076861, 978-1408076866

More Books

Students also viewed these Accounting questions