Question
Leo Vu offers tutoring services to first-year university students. He has set up a sole proprietorship business named L Tutoring. Leo has collected the following
Leo Vu offers tutoring services to first-year university students. He has set up a sole proprietorship business named L Tutoring. Leo has collected the following information relating to his business activities for the year ending 30 June 2021.
Office supplies | $ 3,500 | Accounts receivable | $4,200 |
Office supplies expense | 1,500 | Bank loan | 9,000 |
Telephone expense | 300 | Accounts payable | 2,350 |
Motor vehicle expense | 450 | Cash at bank | 12,500 |
Computer equipment | 12,300 | Advertising expense | 800 |
Tutoring income | 15,000 | Rent expense | 1,200 |
Capital, 1 July 2020 | 4,500 | Drawings | 600 |
Using the above information calculate the following:
a) Total assets as at 30 June 2021.
b) Total liabilities as at 30 June 2021.
c) Net assets as at 30 June 2021.
d) Leo Vus capital balance as at 30 June 2021.
a) | Total Assets =
|
b) | Total liabilities = |
c) | Net assets = |
d) | Leo Vus capital balance = |
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