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  • THANKAPPA - MOHAN DHAS - Assignment On Preparation of Statement of Financial Position

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    Chai R
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    Jorden has prepared a trial balance for the year ended March 31, 2009. He needs to prepare a statement of financial position from the trial balance. The statement of financial position will include non-current assets such as motor vehicles and plant & equipment, less accumulated depreciation. It will also include current assets like inventory, receivables and cash in bank. Current liabilities will include accounts payable. Non-current liabilities are loans. Equity consists of initial capital, plus net profit, less drawings.

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    99a739cc-0ba7-48e0-A625-c3b6bd7b86b4_THANKAPPA_MOHAN DHAS_Assignment on Preparation of Statement of Financial Position (1)

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    Jorden has prepared a trial balance for the year ended March 31, 2009. He needs to prepare a statement of financial position from the trial balance. The statement of financial position will include non-current assets such as motor vehicles and plant & equipment, less accumulated depreciation. It will also include current assets like inventory, receivables and cash in bank. Current liabilities will include accounts payable. Non-current liabilities are loans. Equity consists of initial capital, plus net profit, less drawings.

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    © All Rights Reserved
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    3 views2 pages

    THANKAPPA - MOHAN DHAS - Assignment On Preparation of Statement of Financial Position

    Uploaded by

    Chai R
    Jorden has prepared a trial balance for the year ended March 31, 2009. He needs to prepare a statement of financial position from the trial balance. The statement of financial position will include non-current assets such as motor vehicles and plant & equipment, less accumulated depreciation. It will also include current assets like inventory, receivables and cash in bank. Current liabilities will include accounts payable. Non-current liabilities are loans. Equity consists of initial capital, plus net profit, less drawings.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Assignment on preparation of Statement of Financial position

    Jorden has prepared the following trial balance after calculating his net profit for the year ended 31 March 2009.
    Jorden Trial balance at 31 March 2009
    $ $
    Bank 700
    Bank loan repayable 2011 6 000
    Capital at 1 April 2008 6 400
    Creditors 2 100
    Debtors 3 400
    Drawings 12 000
    Motor vehicles 4 000
    Net profit for the year 12 900
    Plant 8 000
    Provision for depreciation of Plant 1 600
    Motor vehicles 1 000
    Stock at 31 March 2009 1 900
    30 000 30 000
    REQUIRED
    (a) Prepare Jorden’s Statement of financial position as at 31 March 2009.

    Jorden’s Statement of financial position as at 31 March 2009.


    Provision
    For Book
    Cost depreciation value

    Non current asset


    Motor vehicle 4000 1000 3000

    Plant and equipment 8000 1600 6400


    Total non current asset 9400

    Current asset
    Closing inventory 1900
    Recievable 3400

    bank 700

    Total current asset 6000


    Total asset 15400

    Current liability
    Accounts payable 2100
    Expense

    Total current liability 2100


    Non current liability
    Loan
    Total liability

    capital 6400
    Owners capital 12900
    Add: net profit (12000)
    Loss: drawings 7300

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