Answer to Question #121468 in Accounting for An

Question

Andrew Joel is a market trader, he opened a business named Joel Co. The company’s Trial balance as at 1 December 20X8, appears below:
Inventory 5,000
Equipment 3,700
Payables 500

Receivables 300
Cash at Bank 1,200
Capital ?
During December, Andrew Joel:
1. Transferred $300 of his savings into a business bank account
2. Received loan from D.Watson, $100 cheque, repayable in 5 years
3. Bought goods for resale on time, $320 from S.Holmes
4. Bought a motor van by cheque, $500
5. Goods returned to S.Holmes, $20
6. Sold goods to AB Ltd valued $1,000, customer paid by cheque $400
7. A Joel took goods from inventory for his own use, cost $220
8. Sold motor van no longer required for $500 on credit to K.Lamb
9. Purchased goods from C.Swiff $500, less 10% trade discount, pays by cheque
10. Paid $120 to hire a van for December, using debit card
11. Paid staff wages for December, $210 cheque

Requires: Prepare a Balance Sheet as at 31 December 20X8. (10 points)

Answer 1

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