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Draw up a balance sheet after the transactions

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Reference no: EM132082825

Question - Fielderville has the following assets and liabilities as on 31 April 2016:

£

Creditors 15,800

Equipment 46,000

Motor Vehicle 25,160

Stock 24,600

Debtors 23,080

Cash at bank 29,120

Cash in hand 160

During the first week of May 2002 Moody:

a. Bought extra equipment on credit for £5,520.

b. Bought extra stock by cheque £2,280.

c. Paid creditors by cheque £3,160.

d. Debtors paid £3,360 by cheque and £240 by cash.

e. Moody put in extra £1,000 cash as capital.

Required:

a. Determine the capital as at 1st May 2016.

b. Draw up a balance sheet after the above transactions have been completed.

Reference no: EM132082825

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