Explain the transactions that would have led to Year 2 balance sheet values from year 1. Year 1Year 2 Year 1Year 2Current Liabilities56,14240,220Current Assets1,13,62430,442Non-Current liabilities2,40,51818,585Non-current Assets4,10,9761,98,014Paid up capital2,14,1551,73,295 Retained Earnings13,785-3,644 5,24,6002,28,456 5,24,6002,28,456

Step 1 Changes from previous year to current year are due to operations and activities carried on by…

Answered: Explain the transactions that would…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.4MBA

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Explain the transactions that would have led to Year 2 balance sheet values from year 1.

	Year 1	Year 2		Year 1	Year 2
Current Liabilities	56,142	40,220	Current Assets	1,13,624	30,442
Non-Current liabilities	2,40,518	18,585	Non-current Assets	4,10,976	1,98,014
Paid up capital	2,14,155	1,73,295
Retained Earnings	13,785	-3,644
	5,24,600	2,28,456		5,24,600	2,28,456

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