I have an accounting problem to be solved

Jul 1st, 2014
Sigchi4life
Category:
Accounting
Price: $5 USD

Question description

D Moody has the following assets and liabilities as on 31 April 2002:

 £

Creditors  15,800

Equipment  46,000

Motor Vehicle  25,160

Stock  24,600

Debtors   23,080

Cash at bank  29,120

Cash in hand    160

During the first week of May 2002 Moody:

a.  Bought extra equipment on credit for £5,520.

b.  Bought extra stock by cheque £2,280.

c.  Paid creditors by cheque £3,160.

d.  Debtors paid £3,360 by cheque and £240 by cash.

e.  Moody put in extra £1,000 cash as capital.

Required:

a.  Determine the capital as at 1st May 2002.

b.  Draw up a balance sheet after the above transactions have been completed.


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