Wood owns and manages an agricultural engineering business, which was started three years ago. In discussions...

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Wood owns and manages an agricultural engineering business, which was started three years ago. In discussions with the owner, you ascertain the following facts as at 31.12.19x7. (a) When the business was first started, premises were bought for 20,000. Premar (b) Equipment is owned which cost him 8,000. quipment (c) Stock of raw materials, work in progress, and finished goods are valued at 10,000. (d) A letter from the building society confirms that 12,000 is still owing on the mortgage taken out to buy the premises. Liablity (e) A schedule of amounts owing for credit sales totals 15,000. Credito (f) Unpaid invoices for stock and expenses total 10,000. autob (g) The bank statement shows that 3,000 remains in the current account. 250 is held in cash on the premises. (h) D. Wood tells you that he originally put in 25,000 into the business. Prepare a balance sheet for the business at 31 December 19x7. Wood owns and manages an agricultural engineering business, which was started three years ago. In discussions with the owner, you ascertain the following facts as at 31.12.19x7. (a) When the business was first started, premises were bought for 20,000. Premar (b) Equipment is owned which cost him 8,000. quipment (c) Stock of raw materials, work in progress, and finished goods are valued at 10,000. (d) A letter from the building society confirms that 12,000 is still owing on the mortgage taken out to buy the premises. Liablity (e) A schedule of amounts owing for credit sales totals 15,000. Credito (f) Unpaid invoices for stock and expenses total 10,000. autob (g) The bank statement shows that 3,000 remains in the current account. 250 is held in cash on the premises. (h) D. Wood tells you that he originally put in 25,000 into the business. Prepare a balance sheet for the business at 31 December 19x7.

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