form 4 Account Question

2008-12-28 5:27 am

Only assets and liabilities at 1 Jan 20X8 and the year ended 31 Dec 20X8 are given ;
During the year, Trader put $4000 into bank a/c
and had drawn out $200 weekly for private use

Required:
(a) Profit and Loss a/c for the year ended
(b) a balance sheet for the year ended

No gross profit/ loss and expenses are given,
How to calculate the Profit and Loss a/c?

回答 (1)

用戶22404

2008-12-29 7:03 pm

✔ 最佳答案

First of all, you can calcualte OPENING CAPITAL as at 31 DEC 20X8 from: ASSETS - LIABILITIES as at 1 JAN 20X8. Similarly, you calculate CLOSING CAPITAL as at 31 DEC 20X8 from: ASSETS - LIABILITIES as at 31 DEC 20X8. We know that OPENING CAPITAL + CAPITAL FROM TRADER ($4,000) - DRAWINGS (12*$200) + NET PROFIT = CLOSING CAPITAL. You can calculate part (a) NET PROFIT for the year ended 31 DEC 20x8. (b) Just put in the figures fromt (a) to construct the balance sheet as at 31 DEC 20X8.

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