Professional Documents
Culture Documents
Tutorial 1
Tutorial 1
Tutorial 1
Name: Tan Jun Hong Section: 8D1
Assets Liabilities
1 Accounts receivable Accounts payable
4 Equipment Mortgage
6 Machinery
Inventory
7
Loan to Mr Wood
8
Premises
9
Motor vehicles
10
11
12
13
14
15
3. Mr Paul is setting up a new business. Before actually selling anything, he bought a van for RM13,000,
a transportable market stall for RM1,050, a computer for RM450, and an inventory of goods for RM8,000.
He did not pay in full of his inventory of goods and still owes RM3,000 for them. He borrowed RM10,000
from Mr Basil. After the events just described, and before trading starts, he has RM1,400 cash in hand
and RM4,700 in the bank. Calculate the amount of his capital.
Assets=RM13000+RM1050+RM450+RM8000+RM1400+RM4700=RM28600
Liabilities=RM3000+RM1000=RM13000
Capital=RM28600-RM1300=RM15600
4. Mr Flint is starting a business. Before actually starting to sell anything, he bought fixtures for RM1,200,
a van for RM6,000 and an inventory of goods for RM2,800. Although he has paid in full for the fixtures
and van, he still owes RM1,600 for some of the iventory. Mr Rub lent him RM2,500. After the above,
Mr Flint has RM200 in the business bank account and RM175 cash in hand. You are required to calculate
his capital.
Assets=RM1200+RM6000+RM280 0+RM200+RM175=RM10375
Liabilities=RM3000+RM1000=RM1 3000
Capital=RM10375-RM13000=RM1 5600
Mr Marriott
Statement of financial position as at 31 December 2017
RM RM
Non-current Assets
Car 8300
Equipment 7900 16200
Current Assets
Accounts receivable 800
Inventory 5700
Cash at bank 1600 8100
Total assets 24300
Current Liabilities
Accounts payable (3600)
20700
Capital 20700
6. Draw up Ms Kelly's statement of financial position as at 31 December 2017 from the following:
RM RM
Capital 10,200 Inventory 3,600
Equipment 3,400 Accounts receivable 4,500
Accounts payable 4,100 Cash at bank 2,800
Ms Kelly
Statement of financial position as at 31 December 2017
RM RM
Non-current Assets
Equipment 3400 3400
Current Assets
Accounts receivable 4500
Inventory 3600
Cash at bank 2800 10900
Total assets 14300
Current Liabilities
Accounts payable (4100)
10200
Capital 10200
You are asked to draw up a statement of financial position as at 7 May 2017 after the above transactions
have been completed.
End of tutorial 1