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The following list of balances relates to the business of Graham Groves as at 31st December 2019.
The following information is also given:
(i) Rates of £1500 due 31 January 2020 have already been paid.
(ii) Telephone bill of £320 due 31 December 2019 has not yet been paid.
(iii) Stock valued at £5,000 has been revalued at £3000.
(iv) A debtor owing £450 has gone bankrupt and so now will not pay.
(v) Equipment is to be depreciated at 10% of cost and the van at 20% of cost.
(vi) The van was purchased by the owner from his own money in January 2019."
Required:
Problem 1: Present the balance sheet of Graham Groves as at 31 December 2019.
Financial Statement Analysis and Preparation
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