An undertaking called Blue Enterprises was formed on 3 January 20ox1,on which date the owner invested R80 000 in the business and borrowedR100 000 from Strand Bank.During the month of January 20x1 the enterprise acquired the followingassets:Cash at bank R60 000 and a motor vehicle that cost R110 000o.1. What was the total value of the assets on 31 January 20x1?2. What was the total value of the liabilities on 3 January 20x1?3. What was the owners' capital on 3 January 20x1?4. Compile an accounting equation to reflect Blue Enterprises' financialposition on 31 January 20x1.

Lets understand the basics. As per balance sheet equation, total assets are always equal to total…

An undertaking called Blue Enterprises was formed on 3 January 20x1, on which date the owner invested R80 000 in the business and borrowed R100 000 from Strand Bank. During the month of January 20x1 the enterprise acquired the following assets: Cash at bank R60 000 and a motor vehicle that cost R110 000. 1. What was the total value of the assets on 31 January 20x1? 2. What was the total value of the liabilities on 3 January 20x1? 3. What was the owners' capital on 3 January 20x1? 4. Compile an accounting equation to reflect Blue Enterprises' financial position on 31 January 20x1.

An undertaking called Blue Enterprises was formed on 3 January 20x1, on which date the owner invested R80 000 in the business and borrowed R100 000 from Strand Bank. During the month of January 20x1 the enterprise acquired the following assets: Cash at bank R60 000 and a motor vehicle that cost R110 000. 1. What was the total value of the assets on 31 January 20x1? 2. What was the total value of the liabilities on 3 January 20x1? 3. What was the owners' capital on 3 January 20x1? 4. Compile an accounting equation to reflect Blue Enterprises' financial position on 31 January 20x1.

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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