The following information relates to A. Trader's business: Fixtures Accounts receivable Inventory Accounts payable Cash Balance at bank Loan from B. Burton Motor vehicle £ 18,000 4,800 24,000 8,000 760 15,600 6,000 £ 16,200 5,800 28,000 11,000 240 4,600 2,000 16,000 During the year, Trader had sold some of his personal investments for £4,000 which he paid into the business bank account, and he had drawn out £200 weekly for private use. Required: Prepare a balance sheet as at 31 December and give the net profit as at that date.
The following information relates to A. Trader's business: Fixtures Accounts receivable Inventory Accounts payable Cash Balance at bank Loan from B. Burton Motor vehicle £ 18,000 4,800 24,000 8,000 760 15,600 6,000 £ 16,200 5,800 28,000 11,000 240 4,600 2,000 16,000 During the year, Trader had sold some of his personal investments for £4,000 which he paid into the business bank account, and he had drawn out £200 weekly for private use. Required: Prepare a balance sheet as at 31 December and give the net profit as at that date.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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prepare a
Transcribed Image Text:Task 4:
The following information relates to A. Trader's business:
Fixtures
Accounts receivable
Inventory
Accounts payable
Cash
Balance at bank
Loan from B. Burton:
Motor vehicle
£
18,000
4,800
24,000
8,000
760
15,600
6,000
£
16,200
5,800
28,000
11,000
240
4,600
2,000
16,000
During the year, Trader had sold some of his personal investments for £4,000 which he paid
into the business bank account, and he had drawn out £200 weekly for private use. Required:
Prepare a balance sheet as at 31 December and give the net profit as at that date.
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