.17X F Lam set up a firm on 1 April 2022. He contributed to the firm...

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.17X F Lam set up a firm on 1 April 2022. He contributed to the firm some furniture from his home valued at $30,000. The firm took out a bank loan of $100,000 for business operations and purchased office equipment for $50,000 on credit. The next day, the firm bought a machine for $12,000 in cash. What were the amounts of the firm's assets, liabilities and capital on 2 April 2022? .18 D Fong set up a firm on 1 January 2022, She opened a business bank account with a personal cheque of $50,000. The firm borrowed $60,000 from D Fong's friend and purchased office furniture for $40,000 on credit. cap tall = sserr What were the amounts of the firm's assets, liabilities and capital on 1 January 20227 2.10v (4 marks) H Chan has set up a new business. Before the start of operations, the business bought a motor vehicle for $60,000 and office equipment for $20,000. It has not yet paid for the office equipment in full and still owes in sum of $4,000. The business borrowed $30,000 from L. Poon and now has $1,000 cash in hand and $7,000 in the bank. Calculate the amount of H Chan's capital. (5 marks) TCL (5 marks) .17X F Lam set up a firm on 1 April 2022. He contributed to the firm some furniture from his home valued at $30,000. The firm took out a bank loan of $100,000 for business operations and purchased office equipment for $50,000 on credit. The next day, the firm bought a machine for $12,000 in cash. What were the amounts of the firm's assets, liabilities and capital on 2 April 2022? .18 D Fong set up a firm on 1 January 2022, She opened a business bank account with a personal cheque of $50,000. The firm borrowed $60,000 from D Fong's friend and purchased office furniture for $40,000 on credit. cap tall = sserr What were the amounts of the firm's assets, liabilities and capital on 1 January 20227 2.10v (4 marks) H Chan has set up a new business. Before the start of operations, the business bought a motor vehicle for $60,000 and office equipment for $20,000. It has not yet paid for the office equipment in full and still owes in sum of $4,000. The business borrowed $30,000 from L. Poon and now has $1,000 cash in hand and $7,000 in the bank. Calculate the amount of H Chan's capital. (5 marks) TCL (5 marks)

Answer rating: 100% (QA)

On 1 January 2022 the firms assets were Cash in bank 50000 personal cheque Office furniture 40000 pu... View the full answer