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£12,000 into a business bank account. During the first month of operation other relevant information is as follows: • On 1st acquired a second hand vehicle paying £5,000 in cash and agreed to pay the balance of the purchase price at the end of December. • On 1st September paid £600 for a year's insurance on the vehicle and £240 for a year's vehicle tax. • Purchased goods for cash of £5,000. Sold goods for cash of £8,200. Incurred vehicle running costs of £1,100 of which £1,000 was paid in cash. There are no stocks of goods at the end of September. lapore depreciation on the vehicle

£12,000 into a business bank account. During the first month of operation other relevant information is as follows: • On 1st acquired a second hand vehicle paying £5,000 in cash and agreed to pay the balance of the purchase price at the end of December. • On 1st September paid £600 for a year's insurance on the vehicle and £240 for a year's vehicle tax. • Purchased goods for cash of £5,000. Sold goods for cash of £8,200. Incurred vehicle running costs of £1,100 of which £1,000 was paid in cash. There are no stocks of goods at the end of September. lapore depreciation on the vehicle

FINANCIAL ACCOUNTING
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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Q1&2 Q1 Q2 On September 1st Jim started a business, called J Enterprises, by transferring £12,000 into a business bank account. During the first month of operation other relevant information is as follows: • On 1st acquired a second hand vehicle paying £5,000 in cash and agreed to pay the balance of the purchase price at the end of December. • On 1st September paid £600 for a year's insurance on the vehicle and £240 for a year's vehicle tax. Purchased goods for cash of £5,000. Sold goods for cash of £8,200. Incurred vehicle running costs of £1,100 of which £1,000 was paid in cash. There are no stocks of goods at the end of September. Ignore depreciation on the vehicle. J Enterprises net profit for the month of September was A B с D £2,100 £2,120 £3,200 £2,030 J Enterprises cash and bank balances at the end of September totalled A B C D £8,840 £3,650 £8,360 £3,150
Transcribed Image Text:Q1&2 Q1 Q2 On September 1st Jim started a business, called J Enterprises, by transferring £12,000 into a business bank account. During the first month of operation other relevant information is as follows: • On 1st acquired a second hand vehicle paying £5,000 in cash and agreed to pay the balance of the purchase price at the end of December. • On 1st September paid £600 for a year's insurance on the vehicle and £240 for a year's vehicle tax. Purchased goods for cash of £5,000. Sold goods for cash of £8,200. Incurred vehicle running costs of £1,100 of which £1,000 was paid in cash. There are no stocks of goods at the end of September. Ignore depreciation on the vehicle. J Enterprises net profit for the month of September was A B с D £2,100 £2,120 £3,200 £2,030 J Enterprises cash and bank balances at the end of September totalled A B C D £8,840 £3,650 £8,360 £3,150
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