The following balances were extracted from the accounting records of Pass Electrical Solutions as of December 31, 2022:
Land and Buildings 150,000 Equipment 50,100 Inventory 54,120 Bank & Cash 23,950
Prepayments 5,400 Accruals 1,400
Motor Vehicle 30,000 8% Loan note 25,000
Accounts Payable 79,400 Note Payable 10,000 Accounts Receivable 101,000
Calculate:
The Capital as of December 31, 2022;
Prepare a Balance Sheet to show the Financial Position of Pass Electrical Solutions;
The following balances were extracted from the accounting records of Hamilton & Sons as of December 31, 2022:
Land and Buildings 23,400 Furniture & Fittings 24,600
Inventory 23,500 Cash 26,600
Prepayments 2,500 Accruals 2,300
Motor Vehicle 10,800 6% Loan note 25,000
Accounts Payable 11,200 Note Payable 31,000 Accounts Receivable 40,000 Bank O/D 10,250 Calculate:
The Capital as of December 31, 2022;
Prepare a Balance Sheet to show the Financial Position of Hamilton & Sons;