ALBA_Financial Accounting_Chapter 2_Suggested Exercises_Part 2 - 1 MSc In Business for Lawyers Course Financial Accounting Instructor Dr Stylianos

ALBA_Financial Accounting_Chapter 2_Suggested Exercises_Part 2

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1MSc. In Business for LawyersCourse: Financial AccountingInstructor: Dr. Stylianos KotsiasStudent: Charalampia A. NousiChapter 2-Suggested Exercise 2.6., p.73The following is a list of the assets and claims of Crafty Engineering as at 30 June last year.(a)Prepare the statement of financial position of the business as at 30 June last year from the above information using the standard layout. (b)Discuss the significant features revealed by this financial statement.(a)Crafty EngineeringStatement of Financial PositionJune 30 XXXXASSETS£Non-Current AssetsProperty320Equipment and tools207Motor vehicles38Current AssetsInventories153Trade receivables185Total Assets903EQUITY AND LIABILITIESEquity (the missing item)441Non-Current LiabilitiesLong-term borrowings (loan from Industrial Finance Company)260Current LiabilitiesTrade payables86Short-term borrowings116Total Equity and Liabilities903
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1(b)This statement of financial position reveals really interesting things about Crafty Engineering. To begin with, it should be underlined that, unfortunately, there is no
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