WEEK 4 CASE STUDIES - Lecture Case Study Week 4(Application...

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Lecture Case Study – Week 4 (Application Exercise 3.11 Atril et.al. page 103) The balance sheet of a business at the start of a week and the transactions for the week are shown below. Complete the table to show how the transactions affect the accounts and draw up a balance sheet at the end. 1. Sold inventory for $11,000 cash. This inventory had cost $8,000. 2. Sold inventory for $23,000 on credit. This inventory had cost $17,000. 3. Received cash from trade debtors totalling $18,000. 4. The owners of the business deposited $100,000 of their own money into the business bank account. 5. The owners bought a motor vehicle, valued at $10,000, to be used in the business. 6. Bought inventory on credit for $14,000. 7. Paid trade creditors $13,000. Assets $ 1 2 3 4 5 6 7 $ Trade debtors 33,000 Inventory 28,000 Furniture&fittings 63,000 Freehold premises 145,000 Total assets 269,000 Liabilities Bank overdraft 43,000 Trade creditors 23,000 Owners equity Capital 203,000 Total L&OE 269,000
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WEEK 4 CASE STUDIES - Lecture Case Study Week 4(Application...

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