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Good Day,
Can you please help me understand how to solve the below :
Opening Balance:
Capital 15,000
Bank 5,000
Receivables 2500
Payables 3,000
Fixed assets 13,300
Sales tax payable 2,800The following transactions occurred during the September 2014.
• Expenses for the period 8,000
• Credit sales 42,000
• Cash Sales 40,000
• Cash and credit Inventory purchases 10,000 and 20,000
• Paid Sales tax due 2,800 on September 15
• Building repairs 2,000 on September 10, was paid in cash
• Built additional wing on warehouse 13,000 (paid cash)
• Received cash from customers 6,000 and paid supplies 8,500
• Paid medical bills for staff member who was his wife 400
• Salaries (paid cash) for the period 14,000. 6,000 was James’ SalaryThere is no closing stock. Sales tax is charged at a rate of 10%. Unless indicated all charges are net of Sales Tax.
Required: Prepare the financial statement for Hardy Boys.
I am sorry but we do not provide full answers to questions like this.
You must have an answer in the same book in which you found the question (if not then you should be using a book from one of the ACCA approved publishers – they are exam standard questions, and they do provide answers with workings).
You should say which bit of the answer is causing you a problem and then I will try and help.(Everything needed to be able to do this question is covered in my free lectures. The lectures are a complete free course for Paper f3 and cover everything needed to be able to pass the exam well.)
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