Rosie Flower's business has a capital balance of £76600 on 1 June 20X3. During the month of June the following transactions take place. Inventories purchased on credit for £3000 Sale of goods for cash of £3600. The goods had cost £2100. Receipt of bill for petrol for the month of June of £1200 Cash received from credit customers of £1500 Rosie takes goods which had cost £670 out of the business for her own use Payment of credit suppliers of £2600 What is the balance on the business's capital account at 30 June 20X3?
Rosie Flower's business has a capital balance of £76600 on 1 June 20X3. During the month of June the following transactions take place. Inventories purchased on credit for £3000 Sale of goods for cash of £3600. The goods had cost £2100. Receipt of bill for petrol for the month of June of £1200 Cash received from credit customers of £1500 Rosie takes goods which had cost £670 out of the business for her own use Payment of credit suppliers of £2600 What is the balance on the business's capital account at 30 June 20X3?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Rosie Flower's business has a capital balance of £76600 on 1 June 20X3. During the month of June the following transactions take place.
Inventories purchased on credit for £3000
Sale of goods for cash of £3600. The goods had cost £2100.
Receipt of bill for petrol for the month of June of £1200
Cash received from credit customers of £1500
Rosie takes goods which had cost £670 out of the business for her own use
Payment of credit suppliers of £2600
What is the balance on the business's capital account at 30 June 20X3?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education