In 2020, Kanyiti ltd started a sporting equipment business with GHC7000 from personal savings which he...
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In 2020, Kanyiti ltd started a sporting equipment business with GHC7000 from personal savings which he lodged into a bank account for the business. The following transactions took place during the year. ☐ Paid rent of shop for the period 3,500 Purchased equipment (inventories) on credit 5,000 Raised loan from bank 1,000 Purchase of shop fittings (for cash) 2,000 Sales of equipment: cash 10,000 Sales of equipment: on credit 2,500 Payments for trade accounts payable 5,000 Payments from trade accounts receivable 2,500 Interest on loan (paid) 100 Other expenses (all paid in cash) 1,900 Prepare; ■ A statement of Profit and loss A statement of financial In 2020, Kanyiti ltd started a sporting equipment business with GHC7000 from personal savings which he lodged into a bank account for the business. The following transactions took place during the year. ☐ Paid rent of shop for the period 3,500 Purchased equipment (inventories) on credit 5,000 Raised loan from bank 1,000 Purchase of shop fittings (for cash) 2,000 Sales of equipment: cash 10,000 Sales of equipment: on credit 2,500 Payments for trade accounts payable 5,000 Payments from trade accounts receivable 2,500 Interest on loan (paid) 100 Other expenses (all paid in cash) 1,900 Prepare; ■ A statement of Profit and loss A statement of financial
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SOLUTION To prepare the statement of profit and loss and the statement of financial position for Kan... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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