The following balances were taken from a sole trader’s accounts for the year ended 30 June 2021: Current liabilities £20,000 Profit on sale of motor vehicle £4,000 Profit for the year £19,000 Capital account at 1 July 2017 £92,000 Non-current liabilities £10,000 Non-current assets £80,000 No capital was introduced into the business or withdrawn during the year ended 30 June 2021. Current assets at 30 June 2021 amounted to: a) £50,000 b) £65,000 c) £42,000 d) £61,000
The following balances were taken from a sole trader’s accounts for the year ended 30 June 2021: Current liabilities £20,000 Profit on sale of motor vehicle £4,000 Profit for the year £19,000 Capital account at 1 July 2017 £92,000 Non-current liabilities £10,000 Non-current assets £80,000 No capital was introduced into the business or withdrawn during the year ended 30 June 2021. Current assets at 30 June 2021 amounted to: a) £50,000 b) £65,000 c) £42,000 d) £61,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
The following balances were taken from a sole trader’s accounts for the year
ended 30 June 2021:
Current liabilities £20,000
Profit on sale of motor vehicle £4,000
Profit for the year £19,000
Capital account at 1 July 2017 £92,000
Non-current liabilities £10,000
Non-current assets £80,000
No capital was introduced into the business or withdrawn during the year ended 30
June 2021.
Current assets at 30 June 2021 amounted to:
a) £50,000
b) £65,000
c) £42,000
d) £61,000
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

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