Get premium membership and access questions with answers, video lessons as well as revision papers.

Mjengo Traders had the following assets and liabilities as at January 2014. Furniture and equipment 350,000 Debtors ...

      

Mjengo Traders had the following assets and liabilities as at January 2014.
Furniture and equipment 350,000
Debtors 45,000
Stock 25,000
Cash 7,500
Creditors 48,000

i)Additional capital introduced during the year was Ksh 24,000
ii)Drawings made during the year were Ksh 20,000
iii)Net profit was Ksh 34,500
Determine the capital as at 31.12.2014.

  

Answers


Kavungya
Opening capital=Assets - Liabilites
= 350,000 + 45,000 + 25000 + 7500 - 48,000
= 379500
= 379500 = 24000 + 34500 - 20,000
= 48,000
Kavungya answered the question on October 31, 2019 at 10:55


Next: In the spaces provided write decrease, increase or no effect to show the effects of each one of the following transactions on the assets, liabilities...
Previous: Study the cash book below and answer the questions that follow: a)Balance the cash book as at 11.1.014. b)State the transactions that took place on: i)5.1.014 iv)State...

View More Business Studies Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions