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Statement of financial position & statement of profit and loss

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Statement of financial position & statement of profit and loss

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Anonymous.
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  • February 24, 2016 at 9:29 am #301802
    natasha251087
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    The following transaction relates to Max’s business :
    1 May purchase of goods for resale on credit -$300
    2 May Max injects long terms capital into the business -$1400
    3 May payment of rent made-$750
    5 May Max withdraws cash from the business -$ 400
    7 May sale made on credit -$1200
    (Goods originally cost $600)

    At the start of the week, the assets of the business were $15,700 and liabilities amounted to $11,200.

    At the end of the week, what is the amount of Max’s capital?
    A $5350
    B $1400
    C $850
    D $1000

    March 5, 2016 at 3:45 pm #303630
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 1
    • ☆

    the answer im arriving at is A..after adjustments during the month

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