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Q: Accountancy ( No Answer,   0 Comments )
Subject: Accountancy
Category: Business and Money > Accounting
Asked by: hayley1869-ga
List Price: $20.00
Posted: 21 Sep 2006 06:03 PDT
Expires: 21 Sep 2006 14:42 PDT
Question ID: 767257
Dear Sir / Madam

I recently passed an examination in accountancy but failed this
question, could you do it for me,

The question was,

The following is a "draft" balance sheet as at 31 March 2003 prepared
by Gary Sang for the business he owned,

                          Balance Sheet as at 31 March 2003

Current Assets 

Cash ( in hand and at bank )                      250
Sundry debtors                                   5200
Stocks                                          20000
                                                25 550

Fixed Assets

Machinery  (depreciated value )                 15, 450
                                                 4, 1000

Current Liabilities                              

Sundry Creditors                                 16,500
Capital - Gary Sang                              24,500


However, his bookkeeper notice that Gary Sang had not taken some
transactions which occured towards the end of the financial year into

(a) Gard Sang had recieved a bank loan of 10,000. He had used 5000 to
pay some of his creditors, and had spent 3,000 on new machinery. The
remainder had been banked in the current account of the business.

(b) One of the debtors had paid 1,250

(c) A credit purchase valued at 750 had been made on 31 March 2003

(d) Old machinery with a book value of 2,500 had been sold for 1,000,
which sum had been recieved and banked

(e) Goods worth 1,900 had been sold on credit on 31 March 2003

As Gary Sang's bookkeeper, prepare the modified and current balance sheet.

That is the question. Thank you, Jeremy M Newton, from Southern Ireland.

Clarification of Question by hayley1869-ga on 21 Sep 2006 11:29 PDT
It seems to be very tricky and no one can figure it, you may delete
the question if you wish, Jeremy M Newton.

Request for Question Clarification by pinkfreud-ga on 21 Sep 2006 12:40 PDT
If you want to delete the question, that's something that only you can
do. There should be a button on your screen that says "Cancel
There is no answer at this time.

There are no comments at this time.

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