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Draw up a statement of financial position

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Reference no: EM132569215

D Abdi has the following assets and liabilities as on 31 April 2002

$

Creditors 15,800

Equipment 46,000

Motor Vehicle 25,160

Stock 24,600

Debtors 23,080

Cash at bank 29,120

Cash in hand 160

During the first week of May 2002 Abdi:

a. Bought extra equipment on credit for $5,520

b. bought extra stock by cheque $2,280

c. Paid creditors by cheque $3,160

d. Debtors paid $3,360 by cheque and $240 by cash

e. Abdi put in extra $1,000 cash as capital

Question 1: Determine the capital as at 1st May 2002

Question 2: Draw up a statement of Financial Position after the above transactions have been completed

Reference no: EM132569215

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