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Draw up the end of year closing balance sheet, P&L- also assume that there are no debtors or creditors at the year end)

Draw up the end of year closing balance sheet, P&L- also assume that there are no debtors or creditors at the year end)

FINANCIAL ACCOUNTING
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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Internet Bank Itd :Opening Balance Sheet at the start (£'000) Cash £1,120; Deposits £1,000; Capital £20 borrowing £100 at 2%. Over the year... 1. Bank lends 900 at 10% all withdrawn on day 1 2. Makes a 3% provision 3. Has £45 running costs Pays a 20% dividend • Draw up the end of year closing balance sheet, P&L-also assume that there are no debtors or creditors at the year end) • Assess the strength of the bank • There are no debtors or trade creditors at the year end (i.e. all payments and receipts made) 4.
Transcribed Image Text:Internet Bank Itd :Opening Balance Sheet at the start (£'000) Cash £1,120; Deposits £1,000; Capital £20 borrowing £100 at 2%. Over the year... 1. Bank lends 900 at 10% all withdrawn on day 1 2. Makes a 3% provision 3. Has £45 running costs Pays a 20% dividend • Draw up the end of year closing balance sheet, P&L-also assume that there are no debtors or creditors at the year end) • Assess the strength of the bank • There are no debtors or trade creditors at the year end (i.e. all payments and receipts made) 4.
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