. Mr. Ravi Kumar keeps his books in Single entry. His position on 31.12.2014 was as follows: Cash at Bank 3,000; Stock 20,000; Debtors 30,000 Machinery 50,000 and Creditors 25,000. His position on 31.12.2015 was as follows: Cash at bank 4,000; Stock 25,000; Debtors 45,000 Machinery 50,000 and Creditors 25,000. During the year he Introduced 10,000 as further capital and with drew from business 3,000 per month. From the above information ascertain the profit or loss mad by Mr. Ravi Kumar for the year ended 31st Dec. 2015.

. Mr. Ravi Kumar keeps his books in Single entry. His position on 31.12.2014 was as follows: Cash at Bank 3,000; Stock 20,000; Debtors 30,000 Machinery 50,000 and Creditors 25,000. His position on 31.12.2015 was as follows: Cash at bank 4,000; Stock 25,000; Debtors 45,000 Machinery 50,000 and Creditors 25,000. During the year he Introduced 10,000 as further capital and with drew from business 3,000 per month. From the above information ascertain the profit or loss mad by Mr. Ravi Kumar for the year ended 31st Dec. 2015.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Take me to the text For the following independent transactions, determine the amount of current and long-term liabilites. Do not enter dollar signs or commas in the input boxes. No. Transaction 1 On February 28, 2022, Frederick Flowers borrowed $225,500 from the bank. The entire amount is due on February 27, 2023. NOP Company purchased a small building at a cost of $190,000. The 2 down payment is $90,000. The remaining balance is payable in 5 years with an annual payment of $20,000. A business owner borrowed $11,000 from a close friend for a business 4 expansion. They both signed an agreement that the full payment will be made after 4 years. Chack Current Liability Long-Term Liability 225500 During March 2022, a business owner obtained an interest-free loan from 3 a financing company. The loan amount was $79,000. The agreed terms of 15800 payment are 5 annual installments of $15,800. 20000 0 0 11000 x
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D. Mr. Ravi Kumar keeps his books in Single entry. His position. on 31.12.2014 was as follows: Cash at Bank 3,000; Stock 20,000; Debtors 30,000; Machinery 50,000 and Creditors 25,000. His position on 31.12.2015 was as follows: Cash at bank 4,000; Stock 25,000; Debtors 45,000 Machinery 50,000 and Creditors 25,000. During the year he Introduced 10,000 as further capital and with drew from business 3,000 per month. From the above information ascertain the profit or loss mad by Mr. Ravi Kumar for the year ended 31st Dec. 2015.
Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the…
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