Tabular Statement
The following Balance sheet shows the financial position of R - Leaving Cert Accounting - Question 4 - 2008
Question 4
Tabular Statement
The following Balance sheet shows the financial position of R. Kelly as at October 1st 2007.
Balance Sheet as at October 1st 2007
Fixed Assets
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Worked Solution & Example Answer:Tabular Statement
The following Balance sheet shows the financial position of R - Leaving Cert Accounting - Question 4 - 2008
Step 1
Oct 3: Initial Balance Sheet
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Answer
The initial assets and liabilities as of October 1st are:
Assets:
Buildings: €330,000
Motor Vehicles: €105,000
Stock: €33,000
Debtors: €36,200
Bank: €22,700
Total Assets: €496,000
Liabilities:
Creditors: €29,000
Expenses (due): €1,000
Total Liabilities: €30,000
Capital: €496,000
Total Liabilities and Capital: €496,000
Step 2
Oct 7: Received cheque for €2,300
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Answer
Increase in the Bank by €2,300 and decrease in Debtors by €2,300.
Revised Bank: €25,000 Revised Debtors: €33,900
Step 3
Oct 7: Bought goods on credit for €12,800
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Increase in Stock by €12,800 and increase in Creditors by €12,800.
Revised Stock: €45,800 Revised Creditors: €41,800
Step 4
Oct 8: Paid the creditor €6,000
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Decrease in Bank by €6,000 and decrease in Creditors by €6,000.
Revised Bank: €19,000 Revised Creditors: €35,800
Step 5
Oct 15: Paid creditor's account balance of €300
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Decrease in Bank by €300 and decrease in Creditors by €300.
Revised Bank: €18,700 Revised Creditors: €35,500
Step 6
Oct 21: Sold goods on credit for €14,500
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Increase in Debtors by €14,500 and decrease in Stock by €11,300.
Revised Debtors: €48,400 Revised Stock: €34,500
Step 7
Oct 28: Issued a bank cheque of €1,000
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Decrease in Bank by €1,000 and increase in Owner's Financing by €1,000.
