Wed 15 Sept

Students are required to read through pages 2-4 in text by Frank Wood

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  Mon 18 Oct

The following information is available about John’s General Store on August 1 2011. 

Shop premises      $240,000

Fixtures and Fittings $30,000

Delivery Vehicle   $24,000

Inventory   $ 18,000

Trade receivables $4000

Cash at bank  $10,000

Cash in hand $2,000

Bank Loan   $40,000

Trade Payables $8,000

a. Calculate the total value of assets

b. Calculate the total value of liabilities

c. Using the accounting equation, calculate capital

d. Draw up the balance sheet as at 31 August 2011.

  9:15 – 10:00

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