The following assets and liabilities are owned by Jacob a sole trader as at 01/01/2013. .KshAccounts payable 56,500Machinery 150,000Motor Vehicle 260,600Stock 105,000Accounts receivable 155,700Bank 90,000Cash 34,000The following transactions were also captured during the financial period that ended 31/12/2013.a) A new machine was purchased on credit worth Ksh 21,500.b) Additional stock for Ksh 64,000 was purchased via bank.c) Creditors were partly settled by payment of Ksh 20,000 by cheque.d) The current debtors paid their account by Ksh 72,000 on cash.e) Jacob deposited Ksh 5,000 into the bank account as capital.Required:i. Determine the capital amount for the business at the beginning of the financial period.ii. Extract a trial balance that captures all the transactions reported.
Next: The following information relates to Alpha traders as at 31st December 20x3. You are required to prepare a balance sheet as at that date.Previous: Describe the Double Entry System. View More Financial Accounting Questions and Answers | Return to Questions Index
The following information relates to Alpha traders as at 31st December 20x3. You are required to prepare a balance sheet as at that date.
Date posted: August 17, 2021. Answers (1)
Describe the Accounting Equation.