The following balances remained in Bop’s books after the preparation of the income statement for the year ended 30th April 2016. The profit for the year was $8650. $Machinery100 000Trade receivables9 420Motor vehicle12 000Cash50Equipment31 000Inventory (1.5.15)11,000Inventory (30.4.16)12 650Capital120 000Bank overdraft13 270Drawings7 100Trade payables10 300Bank Loan20 000 Prepare a statement of financial position at 30th April 2016.

Statement of financial position shows the financial position of the company by recording all the…

Answered: The following balances remained in…

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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The following balances remained in Bop’s books after the preparation of the income statement for the year ended 30^th April 2016. The profit for the year was $8650.

	$
Machinery	100 000
Trade receivables	9 420
Motor vehicle	12 000
Cash	50
Equipment	31 000
Inventory (1.5.15)	11,000
Inventory (30.4.16)	12 650
Capital	120 000
Bank overdraft	13 270
Drawings	7 100
Trade payables	10 300
Bank Loan	20 000

Prepare a statement of financial position at 30^th April 2016.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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