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:

Related Book For  book-img-for-question
Question Posted: