During the week, the following transactions take place (in no particular order):а)b)Inventories are sold for JD9,000 cash. These inventories had a historic cost of JD7,500.Inventories are sold for JD11,000 on credit. These inventories had a historic cost ofJD8,625.Cash of JD15,200 was received from credit customers.Cash of JD10,000 was paid in respect of trade payables.c)d)Inventories costing JD15,500 were purchased on credit.The owner of the business introduced JD100,000 of her own cash.e)f)Required:1- Prepare a balance sheet (statement of financial position) at the end of the week once all of thesetransactions have taken place.2- For each transaction, identify the effect of the transaction on the accounting equation. Question:The statement of financial position/ The balance sheet of STAR Ltd. at the start of the week is asfollows:Balance Sheet for STAR Ltd. as at ...(start of the week)Non-current AssetsJDProperty, plant and equipmentFurniture and fittings180,35039,000219,350Current AssetsInventories20,000Trade receivables25,50045,500Total Assets264,850EquityShare capitalRetained profit80,000110,350190,350Current LiabilitiesBank overdraft40,000Trade payables34,50074,500Total equity & liabilities264,850

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Description: During the week, the following transactions take place (in no particular order):а)b)Inventories are sold for JD9,000 cash. These inventories had a historic cost of JD7,500.Inventories are sold for JD11,000 on credit. These inventories had a historic

The balance sheet is the financial statement of the business which shows the financial position of…

Business

Accounting

The statement of financial position/ The balance sheet of STAR Ltd. at the start of the week is as follows: Balance Sheet for STAR Ltd. as at ... (start of the week) Non-current Assets JD Property, plant and equipment Furniture and fittings 180,350 39,000 219,350 Current Assets Inventories 20,000 Trade receivables 25,500 45,500 Total Assets 264,850 Equity Share capital Retained profit 80,000 110,350 190,350 Current Liabilities Bank overdraft 40,000 Trade payables 34,500 74,500

The statement of financial position/ The balance sheet of STAR Ltd. at the start of the week is as follows: Balance Sheet for STAR Ltd. as at ... (start of the week) Non-current Assets JD Property, plant and equipment Furniture and fittings 180,350 39,000 219,350 Current Assets Inventories 20,000 Trade receivables 25,500 45,500 Total Assets 264,850 Equity Share capital Retained profit 80,000 110,350 190,350 Current Liabilities Bank overdraft 40,000 Trade payables 34,500 74,500

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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