Ivor Innes has supplied you with the following information:
1Apr2010 31Mar2011
£ £
Cash 840 700
Fixtures 7600 7600
Balance at bank 5500 8320
Inventory 17800 19000
Account receivable 8360 4640
Account payable 5200 8800
During the year to 31March2011, Ivor withdrew £11400 from the business for private purposes. In November 2010, Ivor received a legacy of £18000 which he paid into the business bank account.
Ivor agrees that £600 should be provided for depreciation of fixtures and £200 for doubtful debts.
Required :
Prepare a statement of financial position as at 31 March 2011 which clearly indicates the net profit or loss for the year . ( show calculation )
1Apr2010 31Mar2011
£ £
Cash 840 700
Fixtures 7600 7600
Balance at bank 5500 8320
Inventory 17800 19000
Account receivable 8360 4640
Account payable 5200 8800
During the year to 31March2011, Ivor withdrew £11400 from the business for private purposes. In November 2010, Ivor received a legacy of £18000 which he paid into the business bank account.
Ivor agrees that £600 should be provided for depreciation of fixtures and £200 for doubtful debts.
Required :
Prepare a statement of financial position as at 31 March 2011 which clearly indicates the net profit or loss for the year . ( show calculation )
Business Accounting
