ALBA_Financial Accounting_Chapter 2_Suggested Exercises - 3 MSc In Business for Lawyers Course Financial Accounting Instructor Dr Stylianos Kotsias

ALBA_Financial Accounting_Chapter 2_Suggested Exercises - 3...

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3 MSc. In Business for Lawyers Course: Financial Accounting Instructor: Dr. Stylianos Kotsias Student: Charalampia A. Nousi Chapter 2- Suggested Exercise 2.1, p. 72 On Thursday, the fourth day of his business venture, Paul, the street trader in wrapping paper bought more inventories for £53 cash. During the day he sold inventories that had cost £33 for a total of £47. Draw up the three financial statements for Paul’s business venture for Thursday. Statement of cash flows for Thursday £ Opening balance (from the Wednesday evening) 59 Cash from sales of wrapping paper 47 Cash paid to buy wrapping paper (53) Closing balance 53 Income statement for Thursday £ Sales revenue 47 Cost of goods sold (33) Profit 14 Statement of financial position as at Thursday evening £ Cash (closing balance) 53 Inventories 23+53-33=43 Total assets 96 Equity 96
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3 Chapter 2-Suggested Exercise 2.2, p. 72 The equity of Paul’s business belongs to him because he is the sole owner of the
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