F. Lane has the following items in his statement of financial position on 30 April 2016: Capital
Question:
F. Lane has the following items in his statement of financial position on 30 April 2016: Capital
£63,400; Accounts payable £14,800; Fixtures £19,200; Car £6,150; Inventory £4,200; Accounts receivable
£8,200; Cash at bank £2,450; Cash in hand £550.
During the first week of May 2016
(a) He bought extra inventory for £900 on time.
(b) One of the debtors paid him £350 by cheque.
(c) bought a computer by cheque £480.
You are asked to draw up a statement of financial position as at 7 May 2016 after the above transactions have been completed.
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First lets update F Lanes statement of financial position as of 30 April 2016 Assets Fixtures 19200 ...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood
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