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  • Question 2 Balance Sheet

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    hamsmith1876
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    The statement of financial position as of March 31, 2016 shows total non-current assets of $25,280 consisting of office equipment and a delivery van. Current assets total $156,600 including inventory, accounts receivable less provision for doubtful debts, prepaid expenses, and cash. Current liabilities include accounts payable, bank overdraft, and expenses owing totaling $107,000. Net assets are $49,600 which is financed by capital of $72,000 plus net profit of $31,680 less drawings of $28,800.

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    The statement of financial position as of March 31, 2016 shows total non-current assets of $25,280 consisting of office equipment and a delivery van. Current assets total $156,600 including inventory, accounts receivable less provision for doubtful debts, prepaid expenses, and cash. Current liabilities include accounts payable, bank overdraft, and expenses owing totaling $107,000. Net assets are $49,600 which is financed by capital of $72,000 plus net profit of $31,680 less drawings of $28,800.

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    9 views2 pages

    Question 2 Balance Sheet

    Uploaded by

    hamsmith1876
    The statement of financial position as of March 31, 2016 shows total non-current assets of $25,280 consisting of office equipment and a delivery van. Current assets total $156,600 including inventory, accounts receivable less provision for doubtful debts, prepaid expenses, and cash. Current liabilities include accounts payable, bank overdraft, and expenses owing totaling $107,000. Net assets are $49,600 which is financed by capital of $72,000 plus net profit of $31,680 less drawings of $28,800.

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    of 2

    g lea statement of finncial position as 31 march 2016

    details $ $ $ B. V
    non current asset
    office equipment 8000
    delivery van 17280
    25280
    current asset
    inventory 42900
    account receivable 119100
    less provision for doubtful debts 8100 111000
    prepaid 1800
    cash 900
    156600
    less current liabilities
    account payable 61200
    bank overdraft 43500
    expenses owing(2100+200) 2300 107000 49600
    net assets 74880

    financed by capital
    capital 72000
    add net profit 31680
    103680
    less drawing 28800 74880
    16

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