Joshua Owen commenced business on 1 September, and had several special transactions during the month: Date Transaction Sept 01 Owen contributed the following to the business: Premises $85,000, Cash $4,000, Mortgage on Premises $30,000, and shop fittings $3,000. 09 Owen gave the business a Motor Vehicle valued at $5,000 to be used for delivering goods to customers. 11 Stock costing $80 plus $8 GST was taken by Owen's Children. 14 Surplus shelving, valued at $50 plus $5 GST, was taken by Owen for storing tools in his home garage.

Joshua Owen commenced business on 1 September, and had several special transactions during the month: Date Transaction Sept 01 Owen contributed the following to the business: Premises $85,000, Cash $4,000, Mortgage on Premises $30,000, and shop fittings $3,000. 09 Owen gave the business a Motor Vehicle valued at $5,000 to be used for delivering goods to customers. 11 Stock costing $80 plus $8 GST was taken by Owen's Children. 14 Surplus shelving, valued at $50 plus $5 GST, was taken by Owen for storing tools in his home garage.

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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