Here is the balance sheet of Ayanda Qabula on 1 January 2018: Sundry creditors R 7 000
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Question:
Here is the balance sheet of Ayanda Qabula on 1 January 2018:
Sundry creditors | R 7 000 | Cash | R 1 000 |
Creditors | R 11 000 | Sundry debtors | R 4 000 |
Bills receivables | R 2 000 | ||
Inventory | R 5 000 | ||
Machinery | R 2 000 | ||
Premises | R 4 000 | ||
18 000 | R 18 000 |
At 31 December 2018, Qabula finds her liabilities to creditors to be R7 500. Her assets were:
• premises - R4 000;
• machinery - R2 400;
• inventory - R5 200
• sundry debtors - R6 000
• bills receivable - R1 000
• cash - R1 200.
Her drawings during the year amounted to R1 000. R400 realised by the sale of a cottage was paid into the business.
Required:
Prepare a balance sheet showing what profit or loss was made.
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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