Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00 Net Profit 21,100.00 Capital 72,000.00 Long term loan 10,000.00 Creditors 2,500.00 Cash in hand 500.00 Cash in Bank 8,000.00 Debtors 3,000.00 Inventory 12,000.00 Land Buildings 40,200.00 Vehicles 28,400.00 Equipment 8,000.00 Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.
Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00 Net Profit 21,100.00 Capital 72,000.00 Long term loan 10,000.00 Creditors 2,500.00 Cash in hand 500.00 Cash in Bank 8,000.00 Debtors 3,000.00 Inventory 12,000.00 Land Buildings 40,200.00 Vehicles 28,400.00 Equipment 8,000.00 Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Modupe owns a retail shop. The following are the list of balances extracted from his
books of accounts on 31 December 2019.
Description Amount
Pula
Drawings 5,500.00
Net Profit 21,100.00
Capital 72,000.00
Long term loan 10,000.00
Creditors 2,500.00
Cash in hand 500.00
Cash in Bank 8,000.00
Debtors 3,000.00
Inventory 12,000.00
Land Buildings 40,200.00
Vehicles 28,400.00
Equipment 8,000.00
Required:
Prepare a Balance Sheet /
2019.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education