Fakari had the following asset at the ending of the year, Financial Accounting

Assignment Help:

Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year.
kSH.000
Account payables 15,800
equipment 46,000
motor vehicles 25,160
Account receivable 23,080
Cash at bank 29,120
cash in hand 160,000
during that financial year the following transaction took place
1. bought extra equipment on credit for Ksh 5,520,000
2. bought extra inventory by cheque Ksh 2,280,000
3. paid creditor by cheque Ksh 3,160,000
4.receive payment from debtors Ksh 3,360,000 by cheque and Ksh 240 by cash

Questions

identify the capital as at 1st January 2014

prepare a statement of financial position after the transaction have been completed

the net profit for the period was Ksh 750,000


Related Discussions:- Fakari had the following asset at the ending of the year

OPERATING CYCLE, #question.DISCUSS THE APPLICABILITY OF AN OPERATING CYCLE ...

#question.DISCUSS THE APPLICABILITY OF AN OPERATING CYCLE IN POULTRY BUSINESS.

What do you mean by earnings per share, Q. What do you mean by earnings per...

Q. What do you mean by earnings per share? Anti-dilution - Condition which may increase computation of EARNINGS PER SHARE (EPS)or decrease loss per share solely due to the incl

Effect of bankruptcy-bankruptcy and liquidation, Effect of bankruptcy A...

Effect of bankruptcy A D of A made for the benefit of creditors generally will be an act of bankruptcy and therefore a bankruptcy petition may be presented against the debtor w

Prepare journal entries to record the above transactions, On January 1, 201...

On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued

Npv cash flow model, As discussed earlier, the base case public sector comp...

As discussed earlier, the base case public sector comparator (PSC) will be a benchmark for different project bidding proposals when choosing the preferred bidder to provide the bes

Which depreciation method would produce the higher npv, Wendy is evaluating...

Wendy is evaluating a capital budgeting project that should last for 4 years. The project requires $ 800,000 of equipment. She is unsure what depreciation method to use in her anal

Primary business activities - capital resources, Create a description of yo...

Create a description of your company and its primary business activities. Include: a) A brief historical summary b) The lines of business the firm is engaged in (Is the compa

Method of accounting for securities, Settlement Method - Method of ACCOUNTI...

Settlement Method - Method of ACCOUNTING for SECURITIES whereby transactions are recorded on the date securities settle by delivery or receipt of securities and receipt or payment

Bond that matures in 12 years, You just purchased a bond that matures in 12...

You just purchased a bond that matures in 12 years. The bond has a face value of $1,000 and has an 7% yearly coupon. The bond has a present yield of 5.74%. What is the bond's yield

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd