T Chin starts a business. Before he actually starts to sell anything he buys fixtures at $2000, a motor vehicle for $5000 and stock of goods for $3500. Although he paid in full for the fixtures and the motor vehicle , he still owes $1400 for some of the goods . J. Preston had lent chin $3000. Chin , after the above, has $2800 in the business bank sand 1000 cash in hand. You are required to calculate his capital and prepare a balance sheet for Chin as at June 30 2008.

T Chin starts a business. Before he actually starts to sell anything he buys fixtures at $2000, a motor vehicle for $5000 and stock of goods for $3500. Although he paid in full for the fixtures and the motor vehicle , he still owes $1400 for some of the goods . J. Preston had lent chin $3000. Chin , after the above, has $2800 in the business bank sand 1000 cash in hand. You are required to calculate his capital and prepare a balance sheet for Chin as at June 30 2008.

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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