Seng commenced business on 1 January 2003 when he paid $40 000 into the bank together with
Question:
Seng commenced business on 1 January 2003 when he paid $40 000 into the bank together with $20 000 which he had received as a loan from his brother. At 31 December 2003 Seng's assets and liabilities were as follows.
Seng's drawings were $100 per week.
Required
(a) Prepare Seng's statements of affairs at
(i) 1 January 2003
(ii) 31 December 2003.
(b) Calculate Seng's profit or loss for the year ended 31 December 2003.
Transcribed Image Text:
Shop premises Motor van Shop fittings Stock Debtors Bank balance Creditors Loan from brother $ 20 000 8.000 3.000 4.000 1.000 5.000 6 000 000 16
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