Kindly help with 1. Explaining what drawings are concerning small business in the above scenario2. Explaining why this hotel and fight expense for her Scotland holiday cannot be classified as business expense even if Anne claims it to be, since it has enabled her to recover from the stress and strain of running her own business Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the1st of October 2021.She is going to prepare accounts to 31st of September 2021. She contributed to the business with£10,000 in the Bank, £4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month areas follows:2/10 Purchased furniture £5400 for sale on credit from Home Ltd4/10 She bought a computer for £800 and a printer £200 from a local shop in London and paid bycheque.5/10 Sold goods for £ 2800 and received the money via Bank account12/10 Paid in Cash £110 for repairing printer18/10 Part of furniture returned to Home Ltd £25021/10 The owner received rent £800 for flat and deposited it to the bank account23/10 Sold goods to Rayan £2100; from this amount £1800 cash received immediately and the restremains on credit.23/10 Sold goods of £700 to David and received cash24/10 Bought a new Laptop for business use by issuing a cheque £170026/10 Paid the month's wages to the part-lime shopkeeper by cheque £82030/10 The owner rented an office place in a Business Park near the London on 1* October and paidrent by cheque £85031/10 The owner has also paid £ 1200 from the business bank account to book a hotel and fight inScotland for her holiday.31/10 £150 Cash received from Rayan.Required:1. Explain what drawings are concerning small business in the above scenario2. Explaining why this hotel and fight expense for her Scotland holiday cannotbe classified as business expense even if Anne claims it to be, since it hasenabled her to recover from the stress and strain of running her own business

Drawings - Drawings will be defined as amount withdrawn from the business for personal use.

Kindly help with 1. Explaining what drawings are concerning small business in the above scenario 2. Explaining why this hotel and fight expense for her Scotland holiday cannot be classified as business expense even if Anne claims it to be, since it has enabled her to recover from the stress and strain of running her own business

Kindly help with 1. Explaining what drawings are concerning small business in the above scenario 2. Explaining why this hotel and fight expense for her Scotland holiday cannot be classified as business expense even if Anne claims it to be, since it has enabled her to recover from the stress and strain of running her own business

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Pick one answer: Brian is trying to analyze his income and expenses for the past week. He comes across an invoice from the local parts store for a circuit board for a Carrier furnace. He knows he needed the part to fix Mrs. Crow's furnace last week. What type of an expense is the circuit board? Indirect expense Direct Expense Fixed expense Overhead expense
When you go to an open house, the realtor there: 1. works for the seller 2. works for you 3. wont talk to you if you have your own realtor
Balance sheet practice ADVANCED: Sally's Sandwiches is a family run business. They don't have a lot of experience in finance and they hoped to save money by not hiring a professional. Their cousin Lin complied the information, but realized it was too hard to make the balance sheet. Using the information below, create a balance sheet for them so that they don't have to hire someone. Information for Sally's Sandwiches as at 28 February 2022 Trade creditors Non-current assets. Sales revenue Cash Overdraft Cost of good sold Borrowings- long-term Debtors Interest Share capital Short term loans 10 150 45 7 5 13 Expenses Dividends Stock 62 20 15 63 21 34 11 12 Accumulated retained profits 28
Maria Brese has just completed her hairdressing apprenticeship and she has decided to open her own hairdressing salon. Indicate two types of business organisations that Nina could use to operate her business. Discuss two advantages and two disadvantages of the business organisations you have chosen.
What finances do you need to have to achieve getting somewhere with Cosmetology? For instance to build your own salon?