Homework F Polk, after being in Bakery business for some years without keeping proper records, now. decides to keep a double entry set of books On 1 September 2021 he establishes that his assets and Liabilities are as follows: Assets Van £ 5700, Fixtures £2800, Stack E 5200 Debtores - P Mullen £ 105, M Abel £ 311 Bank £1o60, Cash £ 85.LiabiLities Creditors- A Hill E 8o. Sep 1: A debt of £105 awing from P Mullen was written of as a bad debt. Sep5:0ffice fixtures originally bought by credit for E150 was returned to the supplier Syme Itd,as it was unsuitaole. Full allowance will be given for this Sep 10: The bussines is owed E 311 by M.Abel He is declared boankrupt and ae only received .f180 cash in full settlement of the debt. Sup 18: Bought machinery from Brown td to use in the company The total purchasing value of the machine is £1800. The owner paid E 100 in cash, E 500 by issuing a cheque and rest of the purchasing valve would remain as a credit. Sep 26: The owner paid Brown Ltd. by issuing a cheque. half of the machinery delot to thinking we now discover that E to of the amount pOid uas in fact insurance of our private house. g that it was in respect of the bussiness

Homework F Polk, after being in Bakery business for some years without keeping proper records, now. decides to keep a double entry set of books On 1 September 2021 he establishes that his assets and Liabilities are as follows: Assets Van £ 5700, Fixtures £2800, Stack E 5200 Debtores - P Mullen £ 105, M Abel £ 311 Bank £1o60, Cash £ 85.LiabiLities Creditors- A Hill E 8o. Sep 1: A debt of £105 awing from P Mullen was written of as a bad debt. Sep5:0ffice fixtures originally bought by credit for E150 was returned to the supplier Syme Itd,as it was unsuitaole. Full allowance will be given for this Sep 10: The bussines is owed E 311 by M.Abel He is declared boankrupt and ae only received .f180 cash in full settlement of the debt. Sup 18: Bought machinery from Brown td to use in the company The total purchasing value of the machine is £1800. The owner paid E 100 in cash, E 500 by issuing a cheque and rest of the purchasing valve would remain as a credit. Sep 26: The owner paid Brown Ltd. by issuing a cheque. half of the machinery delot to thinking we now discover that E to of the amount pOid uas in fact insurance of our private house. g that it was in respect of the bussiness

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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