Following is the list of balance for Amarillo as at 31 December 2020 Trade receivables 5,008 Trade payables 1,950 Sales revenue 56,850 Purchases 28,000 Inventory at 1 January 2020 38,500 Returns inward 850 Returns outward 650 Carriage inward 560 Carriage outward 325 Premises 150,000 Motor vehicles 15,000 Motor vehicle expenses 560 Fixtures and fittings 6,500 Repairs 850 Plant and equipment 12,000 Loan 160,000 Overdraft 15,250 Wages 23,000 Stationery 320 Insurance 1,620 Heat and light 650 Rent income 6,500 Discount allowed 920 Discount received 120 Drawings 6,802 Cash 120 Sundry expenses 188 Telephone 568 Commission received 1,200 Commission paid 800 Compute the capital figure which is missing from the above list of balances.(hint prepare a Trial Balance to find the missing amount)

Following is the list of balance for Amarillo as at 31 December 2020 Trade receivables 5,008 Trade payables 1,950 Sales revenue 56,850 Purchases 28,000 Inventory at 1 January 2020 38,500 Returns inward 850 Returns outward 650 Carriage inward 560 Carriage outward 325 Premises 150,000 Motor vehicles 15,000 Motor vehicle expenses 560 Fixtures and fittings 6,500 Repairs 850 Plant and equipment 12,000 Loan 160,000 Overdraft 15,250 Wages 23,000 Stationery 320 Insurance 1,620 Heat and light 650 Rent income 6,500 Discount allowed 920 Discount received 120 Drawings 6,802 Cash 120 Sundry expenses 188 Telephone 568 Commission received 1,200 Commission paid 800 Compute the capital figure which is missing from the above list of balances.(hint prepare a Trial Balance to find the missing amount)

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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Following is the list of balance for Amarillo as at 31 December 2020

Trade receivables 5,008

Trade payables 1,950

Sales revenue 56,850

Purchases 28,000

Inventory at 1 January 2020 38,500

Returns inward 850

Returns outward 650

Carriage inward 560

Carriage outward 325

Premises 150,000

Motor vehicles 15,000

Motor vehicle expenses 560

Fixtures and fittings 6,500

Repairs 850

Plant and equipment 12,000

Loan 160,000

Overdraft 15,250

Wages 23,000

Stationery 320

Insurance 1,620

Heat and light 650

Rent income 6,500

Discount allowed 920

Discount received 120

Drawings 6,802

Cash 120

Sundry expenses 188

Telephone 568

Commission received 1,200

Commission paid 800

Compute the capital figure which is missing from the above list of balances.(hint prepare a Trial Balance to find the missing amount)

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