I have an accounting problem to be solved
D Moody has the following assets and liabilities as on 31 April 2002:
;£
OUR PROCESS
Order
Payment
Writing
Delivery
Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality
Creditors ; 15,800
Equipment ; 46,000
Motor Vehicle ; 25,160
Stock ; 24,600
Debtors ; 23,080
Cash at bank ; 29,120
Cash in hand ; ; 160
During the first week of May 2002 Moody:
a. ; Bought extra equipment on credit for £5,520.
b. ; Bought extra stock by cheque £2,280.
c. ; Paid creditors by cheque £3,160.
d. ; Debtors paid £3,360 by cheque and £240 by cash.
e. ; Moody put in extra £1,000 cash as capital.
Required:
a. ; Determine the capital as at 1st May 2002.
b. ; Draw up a balance sheet after the above transactions have been completed.