Question
Mr. Paul also had cash sales during the year amounting to $1,230,000, cash purchases amounting to $953,000, discounts allowed for $23,000, and discounts received for
Mr. Paul also had cash sales during the year amounting to $1,230,000, cash purchases amounting to $953,000, discounts allowed for $23,000, and discounts received for $14,500.
In light of this information, how much was Mr. Pauls capital one year later, on April 1, 2020?
Apr 01 Cash $520,000, motor van (NBV) $1,500,000, computer (NBV) $95,000, 5%loan $400,000
Mar 31 Cash $422,000, Stock $123,200, Creditors $78,300, Motor van (NBV) $1,350,000, computer $80,750, debtors $28,500, insurance prepaid $12,000, rent expenses owing $32,000 5% loan 350,000
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