Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Receipt from debtors 33.000 Balb/d 43,000 60,000 Office expense 24,000 Investment income 22.500 Wages 30,000 Disposal of machinery 11.500 Rent 35.000 106,000 Loan repayment 37.500
Receipt from debtors 33.000 Balb/d 43,000 60,000 Office expense 24,000 Investment income 22.500 Wages 30,000 Disposal of machinery 11.500 Rent 35.000 106,000 Loan repayment 37.500 Payment to creditors 22.650 Rates 17,600 Loan interest 0948 Cash purchase 35.000 235.000 000 552 List of balances Details Dec. 31 Wages owing 4.500 6.000 Investment income owing 3,000 5.500 Stock 8.250 9.500 Creditors 4,100 6,750 Equipment (book value) 80.000 78,000 Machinery (book value) 95.000 75,000 Motor vehicle (book value) 40,000 36.000 Debtors 5,000 6.500 Office expenses prepaid 4,600 Rates owing 3,000 5.500 10% Loan $2,500 i. The machinery that was sold had a book value of 15,000 ii. Discounts of 3.450 were allowed to credit customers Required: a) How much was the capital at January 1, 2016? by Determine the amount for total sales, and total purchases
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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