J. Hill has the following assets and liabilities on 30 November 2019: Trade payables 2,800; Equipment 6,200;
Question:
J. Hill has the following assets and liabilities on 30 November 2019: Trade payables £2,800;
Equipment £6,200; Motor vehicle £7,300; Inventory £8,100; Trade receivables £4,050; Cash at bank
£9,100; Cash in hand £195.
You are not given the capital amount at that date.
During the first week of December 2019:
(a) Hill bought extra equipment on time for £110.
(b) Hill bought extra inventory by cheque £380.
(c) Hill paid creditors by cheque £1,150.
(d) Debtors paid Hill £640 by cheque and £90 by cash.
(e) Hill put an extra £1,500 into the business, £1,300 by cheque and £200 in cash.
You are to draw up a balance sheet as at 7 December 2019 after the above transactions have been completed.
Step by Step Answer:
Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood