Question
In: Finance
The statement of financial position of PQR plc at the start of the week is as...
The statement of financial position of PQR plc at the start of the week is as follows:
Assets: K’000
Property 145
Furniture and fittings 63
Inventories 28
Trade receivables 33
Total assets 269
Equity and liabilities
Equity 203
Bank overdraft 43
Trade payables 23
Total equity and liabilities 269
During the week the following transactions take place:
- Sold inventories for K11,000 cash, these inventories had cost K8,000.
- Sold inventories for K23,000 on credit, these inventories had cost K17,000
- Received cash from trade receivables totaling K18,000.
- The owners of the business introduced £100,000 of their own money, which was placed in the business bank account.
- The owners brought a motor van, valued at K10,000, into the business.
- Bought inventories on credit for K14,000
- Paid trade payables K13,000
Required:
Show the statement of financial position after all of these transactions have been reflected.
Solutions
Expert Solution
| Journal Entries | |||
| Sl.No. | Account Title | Debit | Credit |
| a. | Cash | 11000 | |
| Sales | 11000 | ||
| Cost of goods sold | 8000 | ||
| Inventories | 8000 | ||
| b. | Trade receivable | 23000 | |
| Sales | 23000 | ||
| Cost of goods sold | 17000 | ||
| Inventories | 17000 | ||
| c. | Cash | 18000 | |
| Trade receivable | 18000 | ||
| d. | Cash | 100000 | |
| Equity | 100000 | ||
| e. | Motor van | 10000 | |
| Equity | 10000 | ||
| f. | Inventories | 14000 | |
| Trade payables | 14000 | ||
| g. | Trade payables | 13000 | |
| Cash | 13000 | ||
| 214000 | 214000 |
| Ledger Accounts | Net Ledger Bal. | ||||
| Sl.No. | Account Title | Debit | Credit | Debit | Credit |
| Bank overdraft | 43000 | 43000 | |||
| a. | Cash | 11000 | |||
| c. | Cash | 18000 | |||
| d. | Cash | 100000 | |||
| g. | Cash | 13000 | 116000 | ||
| a. | Cost of goods sold | 8000 | |||
| b. | Cost of goods sold | 17000 | 25000 | ||
| Beginning balance | 203000 | ||||
| d. | Equity | 100000 | |||
| e. | Equity | 10000 | 313000 | ||
| Furniture and fittings | 63000 | 63000 | |||
| Beginning balance | 28000 | ||||
| a. | Inventories | 8000 | |||
| b. | Inventories | 17000 | |||
| f. | Inventories | 14000 | 17000 | ||
| e. | Motor van | 10000 | 10000 | ||
| Property | 145000 | 145000 | |||
| a. | Sales | 11000 | |||
| b. | Sales | 23000 | 34000 | ||
| Beginning balance | 23000 | ||||
| f. | Trade payables | 14000 |
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