Question
Mr. John started a T-shirts business to be known as John T-shirts. He has provided you with the following information from his first month of
Mr. John started a T-shirts business to be known as “John T-shirts”. He has provided you with the following information from his first month of operations:
| N$ | |
| Bank- overdraft | 15 000 |
| Prepaid rent expense | 20 000 |
| Accounts receivables | 35 000 |
| Capital | 250 000 |
| Buildings & equipment at cost | 550 000 |
| Insurance | 5 000 |
| Prepaid income | 55 000 |
| Accounts payables | 50 000 |
| Sales | 100 000 |
| Accrual water & electricity | 20 000 |
| Long - term loan (FNB) | 105 000 |
| Long term investment | 110 000 |
| Mortgage (bank Windhoek) | 135 000 |
| Interest on loan | 15 000 |
| Discount received | 10 000 |
| Discount allowed | 5 000 |
Determine the value of non-current liabilities.
Step by Step Solution
3.36 Rating (152 Votes )
There are 3 Steps involved in it
Step: 1
Step 1 Step 1 Expense refers to the cost that is incurred in return of acquiring goods ...
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
Management and Cost Accounting
Authors: Colin Drury
8th edition
978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887
