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  • Answers To Review Questions Volume 1 - Chapter 1: Balance Sheet As at 31 March 20X7

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    The following were under the wrong headings: Amounts due on stocks purchased loan made by the firm to another firm bank overdraft Amounts owing to firm by debtors. Assets 26,500 14,333 17,150 54,337 29,001 9,560 2. Assets Fixtures and fittings Cash in till Motor car Liabilities What we owe our bank Trade creditors stocks of goods 3.

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    The following were under the wrong headings: Amounts due on stocks purchased loan made by the firm to another firm bank overdraft Amounts owing to firm by debtors. Assets 26,500 14,333 17,150 54,337 29,001 9,560 2. Assets Fixtures and fittings Cash in till Motor car Liabilities What we owe our bank Trade creditors stocks of goods 3.

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    10 views2 pages

    Answers To Review Questions Volume 1 - Chapter 1: Balance Sheet As at 31 March 20X7

    Uploaded by

    Christopher Mcadam
    The following were under the wrong headings: Amounts due on stocks purchased loan made by the firm to another firm bank overdraft Amounts owing to firm by debtors. Assets 26,500 14,333 17,150 54,337 29,001 9,560 2. Assets Fixtures and fittings Cash in till Motor car Liabilities What we owe our bank Trade creditors stocks of goods 3.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    Answers to Review Questions

    Volume 1 - Chapter 1

    1.
    Assets Liabilities Capital
    26,500 3,670 22,830
    14,333 4,828 9,505
    17,150 4,490 12,660
    54,337 15,347 38,990
    29,001 1,446 27,555
    9,560 58 9,502

    2.
    Assets Liabilities
    Fixtures and fittings What we owe our bank
    Cash in till Trade creditors
    Motor car Stocks of goods

    3.
    K Webb
    Balance Sheet as at 31 March 20X7
    £ £
    Assets
    Premises 26,800
    Equipment 2,800
    Stocks 450
    Debtors 420
    Cash at bank 240 30,710
    Less Liabilities
    Bank loan 15,000
    Creditors 160 15,160

    Capital 15,550

    4.
    Assets Liabilities Capital
    £ £ £
    (a) 1,143 564 579
    (b) 32,552 7,868 24,684
    174,23 130,99
    (c) 4 43,244 0
    (d) 56,826 42,314 14,512
    (e) 98,693 21,414 77,279
    (f) 77,657 55,464 22,193

    5. The following were under the wrong headings:

    • Amounts due on stocks purchased


    • Loan made by the firm to another firm
    • Bank overdraft
    • Amounts owing to firm by debtors overdraft

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