Accountancy, asked by anupriyavimal4, 11 months ago

Jones’ Mower Repairs began operations on 1 August 2019 and completed the following transactions during the first month.
1. Darren Jones deposited $35 000 of his personal funds in a current account at a bank opened in the name of the business.
2. Mower repair equipment was purchased at a cost of $24 000, of which $14 000 was paid in cash. A loan payable was given for the remainder.
3. Darren collected $5000 from customers for repair services performed.
4. Shop rent was paid for the month of August, $1500.
5. Supplies amounting to $2100 were purchased on credit.
6. Wages of $1200 were paid as well as an account for electricity, $250.
7. Darren paid for the supplies purchased in (5) above.
8. Supplies used during August amounted to $750.
Required
a. Prepare a schedule. List the following assets, liabilities and equity as column headings under the accounting equation:
• Cash at Bank;
• Supplies;
• Equipment;
• Loan Payable;
• Accounts Payable;
• D. Jones, Capital.
b. Show the effects of each of the transactions on the accounts listed. Indicate totals after each transaction and complete the schedule.
c. Prepare the following financial statements:
• an income statement;
• a statement of changes in equity for the month ended 31 August 2019;
• a balance sheet as at 31 August 2019 (Narrative Format).
Question 3 Determining profit from equity balances
Equity balances for Sen Widyaya appearing in the balance sheets of

Answers

Answered by lodhiyal16

Answer:

Explanation:

Jones mower Repairs

Balance sheet ( on 31 August 2016)

Cash at bank 20950

Supplies 1350

Equipment 24000

Total Assets 46300

Account payable --

Loan payable 10000

Total Liabilities 10000

Net Assets 36300

Jones capital 36300

Total Equity 36300

Answered by capricornusyellow

Assets

Liabilities

Net Assets 36300

Equity

Learn more: Accounts, billing, assets

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