2:11 Instagram Activitities.docx Activity 2.7 The following information relates to Obourfa Dadeafa Enterprise as at 30 September, 2020: Plant and equipment 25,000 Trade payables Short-term borrowing GHS 18,000 26,000 Inventories 45,000 Property Long-term borrowing $1,000 Trade 48,000 receivables 72,000 Capital at 1 October, 2019 117,500 Cash in hand 1,500 Motor vehicles Fixtures and fittings 9,000 Profit for the year 18,000 Drawings for the year 15,000 Required: Activity 2.8: Prepare a statement of financial position as at 30/09/2020 for Obourfa-Dadeafa Enterprise 15,000 The statement of the financial position of a business at the start of the week is as follows: Assets GHS Claims GHS Property 145,000 Capital 203,000 Furniture and fittings 63,000 Bank overdraft 43,000 Inventories 28,000 Trade payables 23,000 Trade receivables 33,000 269,000 269.000 During the week the following transactions take place: a. Inventories sold for GHS11,000 cash; these inventories had cost GHS8,000. b. Sold inventories for GHS23,000 on credit; these inventories had cost GHS17,000. Received cash from trade receivables totalling GHS18,000. d. The owners of the business introduced GHS100,000 of their own money, which was placed in the business bank account. The owners brought a motor van at GHS10,000 into the business. Bought inventories on credit for GHS14,000. Paid trade payables GHS13,000. Required: Show the balance sheet after all of these transactions have been reflected. Done 2:11 Instagram Activitities.docx Activity 2.7 The following information relates to Obourfa Dadeafa Enterprise as at 30 September, 2020: Plant and equipment 25,000 Trade payables Short-term borrowing GHS 18,000 26,000 Inventories 45,000 Property Long-term borrowing $1,000 Trade 48,000 receivables 72,000 Capital at 1 October, 2019 117,500 Cash in hand 1,500 Motor vehicles Fixtures and fittings 9,000 Profit for the year 18,000 Drawings for the year 15,000 Required: Activity 2.8: Prepare a statement of financial position as at 30/09/2020 for Obourfa-Dadeafa Enterprise 15,000 The statement of the financial position of a business at the start of the week is as follows: Assets GHS Claims GHS Property 145,000 Capital 203,000 Furniture and fittings 63,000 Bank overdraft 43,000 Inventories 28,000 Trade payables 23,000 Trade receivables 33,000 269,000 269.000 During the week the following transactions take place: a. Inventories sold for GHS11,000 cash; these inventories had cost GHS8,000. b. Sold inventories for GHS23,000 on credit; these inventories had cost GHS17,000. Received cash from trade receivables totalling GHS18,000. d. The owners of the business introduced GHS100,000 of their own money, which was placed in the business bank account. The owners brought a motor van at GHS10,000 into the business. Bought inventories on credit for GHS14,000. Paid trade payables GHS13,000. Required: Show the balance sheet after all of these transactions have been reflected. Done

2:11 Instagram Activitities.docx Activity 2.7 The following information relates to Obourfa Dadeafa Enterprise as at 30 September, 2020: Plant and equipment 25,000 Trade payables Short-term borrowing GHS 18,000 26,000 Inventories 45,000 Property Long-term borrowing $1,000 Trade 48,000 receivables 72,000 Capital at 1 October, 2019 117,500 Cash in hand 1,500 Motor vehicles Fixtures and fittings 9,000 Profit for the year 18,000 Drawings for the year 15,000 Required: Activity 2.8: Prepare a statement of financial position as at 30/09/2020 for Obourfa-Dadeafa Enterprise 15,000 The statement of the financial position of a business at the start of the week is as follows: Assets GHS Claims GHS Property 145,000 Capital 203,000 Furniture and fittings 63,000 Bank overdraft 43,000 Inventories 28,000 Trade payables 23,000 Trade receivables 33,000 269,000 269.000 During the week the following transactions take place: a. Inventories sold for GHS11,000 cash; these inventories had cost GHS8,000. b. Sold inventories for GHS23,000 on credit; these inventories had cost GHS17,000. Received cash from trade receivables totalling GHS18,000. d. The owners of the business introduced GHS100,000 of their own money, which was placed in the business bank account. The owners brought a motor van at GHS10,000 into the business. Bought inventories on credit for GHS14,000. Paid trade payables GHS13,000. Required: Show the balance sheet after all of these transactions have been reflected. Done 2:11 Instagram Activitities.docx Activity 2.7 The following information relates to Obourfa Dadeafa Enterprise as at 30 September, 2020: Plant and equipment 25,000 Trade payables Short-term borrowing GHS 18,000 26,000 Inventories 45,000 Property Long-term borrowing $1,000 Trade 48,000 receivables 72,000 Capital at 1 October, 2019 117,500 Cash in hand 1,500 Motor vehicles Fixtures and fittings 9,000 Profit for the year 18,000 Drawings for the year 15,000 Required: Activity 2.8: Prepare a statement of financial position as at 30/09/2020 for Obourfa-Dadeafa Enterprise 15,000 The statement of the financial position of a business at the start of the week is as follows: Assets GHS Claims GHS Property 145,000 Capital 203,000 Furniture and fittings 63,000 Bank overdraft 43,000 Inventories 28,000 Trade payables 23,000 Trade receivables 33,000 269,000 269.000 During the week the following transactions take place: a. Inventories sold for GHS11,000 cash; these inventories had cost GHS8,000. b. Sold inventories for GHS23,000 on credit; these inventories had cost GHS17,000. Received cash from trade receivables totalling GHS18,000. d. The owners of the business introduced GHS100,000 of their own money, which was placed in the business bank account. The owners brought a motor van at GHS10,000 into the business. Bought inventories on credit for GHS14,000. Paid trade payables GHS13,000. Required: Show the balance sheet after all of these transactions have been reflected. Done

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

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