find value of equity

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

find value of equity

Rs.
Rs.
Sales
428,000
Purchases
304,400
Wages and salaries
64,000
Rent
14,000
Heating and lighting
5,000
Inventory as at 1 January 2013
15,000
Drawings
22,000
Allowance for doubtful debts
4,000
Non-current assets
146,000
Accumulated depreciation:
32,000
Trade receivables
51,000
Trade payables
42,000
Cash
6,200
Capital as at 1 January 2013
121,600
627,600
627,600
Further information:.
a) Rs. 400 is owed for heating and lighting expenses.
b) Rs. 700 has been prepaid for rent.
c) It is decided that a bad debt of Rs. 1,200 should be written off, and
that the allowance for doubtful debts should be increased to Rs.
4,500.
d) Depreciation is to be provided for the year at 10% on cost
e) Inventory at 31* December 2013 was valued at Rs. 16,500.
Find valun of Equty
Transcribed Image Text:Rs. Rs. Sales 428,000 Purchases 304,400 Wages and salaries 64,000 Rent 14,000 Heating and lighting 5,000 Inventory as at 1 January 2013 15,000 Drawings 22,000 Allowance for doubtful debts 4,000 Non-current assets 146,000 Accumulated depreciation: 32,000 Trade receivables 51,000 Trade payables 42,000 Cash 6,200 Capital as at 1 January 2013 121,600 627,600 627,600 Further information:. a) Rs. 400 is owed for heating and lighting expenses. b) Rs. 700 has been prepaid for rent. c) It is decided that a bad debt of Rs. 1,200 should be written off, and that the allowance for doubtful debts should be increased to Rs. 4,500. d) Depreciation is to be provided for the year at 10% on cost e) Inventory at 31* December 2013 was valued at Rs. 16,500. Find valun of Equty
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Cost of Capital
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education