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Homework answers / question archive / The following list of balances relates to the business of Graham Groves as at31st December 2019
The following list of balances relates to the business of Graham Groves as at31st
December 2019.
£
Equipment at cost 86,000
Van at cost 28,000
Premises 280,000
Stock 22,500
Loan repayable March 2020 10,000
Loan repayable January 2025 180,000
Capital of Graham Groves at 1.1.2019 150,000
Trade Creditors 27,460
Trade Debtors 24,600
Cash at bank 8,250
Provision for depreciation on equipment 25,800
Profit for 2019 47,120
Owners drawings during 2019 34,500
The following information is also given:
(i) Rates of £1500 due 31 January 2020 have already been paid.
(ii) Telephone bill of £320 due 31 December 2019 has not yet been paid.
(iii) Stock valued at £5,000 has been revalued at £3000.
(iv) A debtor owing £450 has gone bankrupt and so now will not pay.
(v) Equipment is to be depreciated at 10% of cost and the van at 20% of cost.
(vi) The van was purchased by the owner from his own money in January 2019."
"Required: Present the balance sheet of Graham Groves as at 31 December 2019.
