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Graph paper if required is provided at the end of the answer booklet.
Statement of financial position questions and answers. Accounting questions and answers. A summary of all assets expenses liabilities and revenues. Therefore it is a current liability.
Q-2 The statements of financial position of J Co and its investee companies P Co and S Co at 31 December 20X5 are shown below. Cross reference all your workings. Prepare Adjustment Entries Adjusted Trial Balance and three Informal Financial Statements excluding cash flow statement.
The balance sheet Balance Sheet The balance. If you have difficulty answering the following questions learn more about this topic by reading our Financial Statements Explanation. We know that the capital introduced is 2000 and that the drawings are 12 x 500 6000.
Therefore the profit 3000 2000 6000 7000 which is what is given as the correct answer. Prepare a statement of financial position for MIDNIGHT Ltd in accordance with AASB 101. Prepare balance sheet for F.
Use year-end figures iv Debt to equity. The 3 major financial statements are the Income Statement Balance Sheet and Cash Flow Statement. Section A There are two 2 Compulsory questions in this section.
As it is earned it moves from the balance sheet to the income statement as revenue 15. A listing of money received and paid during the past year. The Statement of Changes in Financial Position s shown on page 241.
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