This subjective question is related to the book/course
vu mgt411 Money & Banking.
It can also be found in
vu mgt411 Mid Term Solved Past Paper No. 6.
Question 1: Listed below in random order are the items to be included in the balance sheet of the Myster y Mountain Lodge at December 31, 2001:
| Equipment | Rs. 29,200 |
| Buildings | Rs. 450,000 |
| Land | 425,000 |
| Owner's capital | ? |
| Accounts payable | 54,800 |
| Cash | 21,400 |
| Accounts receivable | 10,600 |
| Furnishings | 58,700 |
| Salaries payable | 33,500 |
| Snowmobiles | 15,400 |
| Interest payable | 12,000 |
| Notes payable | 620,000 |
Requirement:
- Prepare a Balance Sheet at December 31, 2001.
- Mystery Mountain Lodge
- Balance Sheet as at December 31, 2001
Answer:
| Particulars | Amount (Rs.) |
| Current Assets Cash | 21,400 |
| Accounts Receivable | 10,600 |
| Snowmobiles | 15,400 |
| Fixed Assets: Land | 425,000 |
