The balance sheets of R. Lester are as follows: 31.12.2020 f f 31.12.2021 Non-current assets Equipment at cost Less Depreciation to date Current assets Inventory Accounts receivable 28,500 (11,450) 17,050 26,100 (13,010) 13,090 18,570 16,250 8,470 Less Allowance for doubtful debts (420) 14,190 (800) Cash and bank balances 8,050 4,060 13,390 3,700 30,680 47,730 33,340 46,430 Total assets Current liabilities Accounts payable Non-current liability Loan from J. Gorsey Total liabilities 4,140 5,730 10,000 4,000 Net assets (14,140) 33,590 (9,730) 36,700 33,591 11,070 Capital Opening balances b/d 35,760 Add Net profit 10,240 Add Cash introduced 46,000 Less Drawings (12,410) Total capital 33,590 Note: Equipment with a book value of 1,350 was sold for 900. Depreciation of equipment during the year was 2,610. 600 45,25 (8,560 36,700 The balance sheets of R. Lester are as follows: 31.12.2020 f f 31.12.2021 Non-current assets Equipment at cost Less Depreciation to date Current assets Inventory Accounts receivable 28,500 (11,450) 17,050 26,100 (13,010) 13,090 18,570 16,250 8,470 Less Allowance for doubtful debts (420) 14,190 (800) Cash and bank balances 8,050 4,060 13,390 3,700 30,680 47,730 33,340 46,430 Total assets Current liabilities Accounts payable Non-current liability Loan from J. Gorsey Total liabilities 4,140 5,730 10,000 4,000 Net assets (14,140) 33,590 (9,730) 36,700 33,591 11,070 Capital Opening balances b/d 35,760 Add Net profit 10,240 Add Cash introduced 46,000 Less Drawings (12,410) Total capital 33,590 Note: Equipment with a book value of 1,350 was sold for 900. Depreciation of equipment during the year was 2,610. 600 45,25 (8,560 36,700