Bob used the following balances to prepare his financial statements as at 30 April 20X3. $ Receivables 6,000 Bank loan 3,000 Bank overdraft 2,500 Drawings 4,100 Capital 1 May 20X2 12,500 Revenue 22,000 Purchases 19,200 Rent 5,400 Bank interest 825 Heat and light 4,475 40,000 40,000 The business does not hold inventory. No further adjustments were required. What is the closing capital figure for Bob as at 30 April 20X3? %24 %24

Bob used the following balances to prepare his financial statements as at 30 April 20X3. $ Receivables 6,000 Bank loan 3,000 Bank overdraft 2,500 Drawings 4,100 Capital 1 May 20X2 12,500 Revenue 22,000 Purchases 19,200 Rent 5,400 Bank interest 825 Heat and light 4,475 40,000 40,000 The business does not hold inventory. No further adjustments were required. What is the closing capital figure for Bob as at 30 April 20X3? %24 %24

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Description: Bob used the following balances to prepare his financial statements as at 30 April 20X3.$2$Receivables6,000Bank loan3,000Bank overdraft2,500Drawings4,100Capital 1 May 20X212,500Revenue22,000Purchases19,200Rent5,400Bank interest825Heat and light4,475

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Bob used the following balances to prepare his financial statements as at 30 April 20X3.
$
2$
Receivables
6,000
Bank loan
3,000
Bank overdraft
2,500
Drawings
4,100
Capital 1 May 20X2
12,500
Revenue
22,000
Purchases
19,200
Rent
5,400
Bank interest
825
Heat and light
4,475
40,000
40,000
The business does not hold inventory. No further adjustments were required.
What is the closing capital figure for Bob as at 30 April 20X3?
%24

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