Financial Accounting profit or loss 教做PLX

2008-09-18 9:41 am
The balance sheet of Mr. Lee’s business as at 1 September 2004 is as follow:
$$
Assets43,140Liabilities16,370
Capital26,770
43,14043,140

During the year ended 31 August 2005, Mr. Lee introduced cash of $8,500 into his business and withdrew a total of $3,180 cash for his own personal use. As at 31 August 2005, after all the transactions of the business have been accounted for, the balances of the assets and liabilities of Mr. Lee’s business are:
$
Motor vehicles12,040
Stock of goods11,120
Debtors17,870
Cash at bank and on hand8,080
Creditors12,040
Accrual expenses330

Required:

What is the profit or loss of Mr. Lee’s business for the year ended 31 August 2005?

回答 (1)

2008-09-18 11:04 pm
✔ 最佳答案







Assets

$

Liabilities
$
$

Motor Vehicles
12040

Creditors

12040


Stocks

11120

Accrued expenses
330
12370

Debtors

17870

Capital




Cash

8080

Capital (26770+8500)
35270






Add: Net Profit (missing figure)
x






Less: Drawings
(3,180)
y



49110




49110
y=49110-12370=36740
x=36740+3180-35270=4650
Therefore, Mr. Lee made profit of $4,650 for year ended 31 August 2005


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