Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 9.00

ownership interest

Prepare a statement of financial position (balance sheet) from the following list of assets and liabilities, regarding the ownership interest as the missing  item.

£

Trade payables (creditors)

43,000

Cash at bank

9,000

Inventories (stocks) of goods for resale

35,000

Land and buildings

95,000

Wages due to employees but not  paid

2,000

Vehicles

8,000

Five-year loan from a bank

20,000

Explain how the statement of financial position (balance sheet) will change for each of the following transactions:

(a)    The wages due to the employees are paid at  £2,000.

(b)    One-quarter of the inventory (stock) of goods held for resale is destroyed by fire and there  is no insurance to cover the  loss.

(c)    Goods for resale are bought on credit at a cost of   £5,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 09:08 PM My Price 9.00

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