iii. Karie Auto Supplies is a soletrader enterprise which did not maintain full double entry records. The owner asked you an accounts clerk to find some missing figures for him. He provides the following balances: Jan 1, 2020 Dec 31, 2020 Building Fixtures and fittings 1,000,000 1,0000,00 250,000 250,000 Loan 800,000 800,000 Stock 120,000 155,000 Bank 200,000 535,000 Receivables 85,000 100,000 Payables 56,000 75,000 Goods taken for personal use amounted to $5,0000. Required : a. Calculate the capital as at January 1, 2020 and December 31, 2020. b. Ascertain the amount for net profit for the year via the balance sheet.

iii. Karie Auto Supplies is a soletrader enterprise which did not maintain full double entry records. The owner asked you an accounts clerk to find some missing figures for him. He provides the following balances: Jan 1, 2020 Dec 31, 2020 Building Fixtures and fittings 1,000,000 1,0000,00 250,000 250,000 Loan 800,000 800,000 Stock 120,000 155,000 Bank 200,000 535,000 Receivables 85,000 100,000 Payables 56,000 75,000 Goods taken for personal use amounted to $5,0000. Required : a. Calculate the capital as at January 1, 2020 and December 31, 2020. b. Ascertain the amount for net profit for the year via the balance sheet.

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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