(2) You were provided with the following information by the company's auditors at the end of the 2019 year-end audit to be posted by the journal at the beginning of the year 2016: Capital 7,000 Cr Income surplus 1,250 Cr Bank 5,000 Dr Cash 1,250 Dr Equipment 3,000 Dr Motor vehicle 2,500 Dr Receivable 1,500 Dr Trade payable 2,500 Cr 12% Debenture 2,500 Cr Required: (1) Record all information received in the day books and the journal.
(2) You were provided with the following information by the company's auditors at the end of the 2019 year-end audit to be posted by the journal at the beginning of the year 2016: Capital 7,000 Cr Income surplus 1,250 Cr Bank 5,000 Dr Cash 1,250 Dr Equipment 3,000 Dr Motor vehicle 2,500 Dr Receivable 1,500 Dr Trade payable 2,500 Cr 12% Debenture 2,500 Cr Required: (1) Record all information received in the day books and the journal.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:(2) You were provided with the following information by the company's auditors at the
end of the 2019 year-end audit to be posted by the journal at the beginning of the year
2016:
Capital
7,000 Cr
Income surplus
1,250 Cr
Bank
5,000 Dr
Cash
1,250 Dr
Equipment
3,000 Dr
Motor vehicle
2,500 Dr
Receivable
1,500 Dr
Trade payable
2,500 Cr
12% Debenture
2,500 Cr
Required:
(1)
Record all information received in the day books and the journal.
(11)
Post the items to the personal accounts.
(111)
Post the totals to the general and subsidiary ledgers.
(iv)
Prepare a trial balance from the information received.
(v)
Prepare financial statements from the information obtained.
(v1) Analyse the financial statements based on: Profitability; Liquidity and efficiency
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