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
Cash ( in hand and at bank ) 250
Sundry debtors 5200
Machinery (depreciated value ) 15, 450
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.