The following is a list of the assets and claims of Gamma Enterprises as at 30 September
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Question:
- The following is a list of the assets and claims of Gamma Enterprises as at 30 September last year:
- Trade payables: €90,000
- Motor vehicles: €46,000
- Long-term borrowing (loan from Enterprise Finance Co.): €290,000
- Equipment and tools: €230,000
- Short-term borrowings: €135,000
- Inventories: €165,000
- Property: €355,000
- Trade receivables: €200,000
Required:
(a) Prepare the statement of financial position of the business as at 30 September 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 risk factors revealed by this financial statement.
Related Book For
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas
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