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The following assets and liabilities are owned by Jacob a sole trader as at 01/01/2013. The following transactions were also captured during the financial period that...

      

The following assets and liabilities are owned by Jacob a sole trader as at 01/01/2013.
.Ksh
Accounts payable 56,500
Machinery 150,000
Motor Vehicle 260,600
Stock 105,000
Accounts receivable 155,700
Bank 90,000
Cash 34,000

The 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.

  

Answers


Kavungya
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Kavungya answered the question on August 17, 2021 at 07:20


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