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The following is a list of the assets and claims of Psi Tech as at 31 March last year: Trade payables: 86,000 Motor vehicles: 38,000
- The following is a list of the assets and claims of Psi Tech as at 31 March last year:
- Trade payables: £86,000
- Motor vehicles: £38,000
- Long-term borrowing (loan from Tech Finance Co.): £260,000
- Equipment and tools: £207,000
- Short-term borrowings: £116,000
- Inventories: £153,000
- Property: £320,000
- Trade receivables: £185,000
- Trade payables: £86,000
- Motor vehicles: £38,000
- Long-term borrowing (loan from Tech Finance Co.): £260,000
- Equipment and tools: £207,000
- Short-term borrowings: £116,000
- Inventories: £153,000
- Property: £320,000
- Trade receivables: £185,000
Required:
(a) Prepare the statement of financial position of the business as at 31 March last year from the information provided, using the standard layout. (Hint: There is a missing item that needs to be deduced and inserted.)
(b) Discuss the significant features revealed by this financial statement.
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