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Q26

Q26

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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Q26

You are required to prepare the balance sheet as on 31-12-| net change method from the following details. Liabilities OMR Assets OMR Share capital 200,000 Furniture & 200,000 fixtures Bank loan 50,000 Inventories 60,000 Creditors 70,000 Debtors 36,000 Cash 24,000 320,000 320,000 Balances of Debtors and creditors remain unchanged throughout the year. General price indices are on l-1-12017----200; Average for the year - --240; on 31-12-2017----300. O a. Retained earnings of OMR 15,000 by CPP method O b. No Balancing figure neither in HCA nor CPP method O c. No retained earnings d. None of them is correct
Transcribed Image Text:You are required to prepare the balance sheet as on 31-12-| net change method from the following details. Liabilities OMR Assets OMR Share capital 200,000 Furniture & 200,000 fixtures Bank loan 50,000 Inventories 60,000 Creditors 70,000 Debtors 36,000 Cash 24,000 320,000 320,000 Balances of Debtors and creditors remain unchanged throughout the year. General price indices are on l-1-12017----200; Average for the year - --240; on 31-12-2017----300. O a. Retained earnings of OMR 15,000 by CPP method O b. No Balancing figure neither in HCA nor CPP method O c. No retained earnings d. None of them is correct
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