J. Hill has the following assets and liabilities on 30 November 2012: Accounts payable 2,800; Equipment 6,200;

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J. Hill has the following assets and liabilities on 30 November 2012: Accounts payable £2,800; Equipment £6,200; Car £7,300; Inventory £8,100; Accounts receivable £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 2012

(a) Hill bought extra equipment on credit 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 statement of financial position as at 7 December 2012 after the above transactions have been completed.

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Related Book For  answer-question

Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

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