Question
Question 3 (18 marks) Jenny Ochs started a business on the 1 January 2017 with N$ 60 000 in a bank account. Unfortunately, she did
Question 3 (18 marks) Jenny Ochs started a business on the 1 January 2017 with N$ 60 000 in a bank account. Unfortunately, she did not keep proper books of account. She must submit a calculation of profit for the year ending 31 December 2017 to the Receiver of Revenue. At 31 December 2017, she had inventory valued at cost N$ 12 000; a van which had cost N$ 13 500 during the year and which had depreciated during the year by N$ 3 000; accounts receivable of N$ 24 000; expenses prepaid of N$ 600; a bank balance of N$ 51 000; a cash balance N$ 450; trade accounts payable N$ 12 000 and expenses owing N$ 1 200. Her drawings were: cash N$750 per weeks for 52 weeks. You are required to: Draw up a statement of Affairs (Statement of financial position as at 31 December 2017
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