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N. Johnson, a retailer: Calculate the initial financial position as at 1st November 2022, including opening capital and assets.

Accounting

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Question 1: N. Johnson, a retailer

1. Initial Financial Position (as at 1st November 2022)

First, we calculate the opening capital.

  • Assets:
    • Cash in hand: N20
    • Cash at bank: N1,260
    • Stock: N5,830
    • Fixtures and fittings: N400
    • Delivery Vans: N1,060
    • Freehold premises: N10,000
    • Debtors (K. Nicol): N240
    • Debtors
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