Missing figures from the accounting equation
With no books at all, the change in net assets over a year still gives the profit. Use the accounting equation to find it.
Task 1Capital at the start and the end4 questions
Tom Hollin runs Hollin Greengrocers. He keeps no ledgers, only bank statements and a few lists. That is called incomplete records.
The accounting equation still holds: assets less liabilities equals capital. A list of assets and liabilities at one date, with capital as the balancing figure, is called a statement of affairs.
| 1 January | 31 December | |
|---|---|---|
| Van | 6,000.00 | 5,000.00 |
| Inventory | 1,500.00 | 2,000.00 |
| Trade receivables | 800.00 | 1,200.00 |
| Bank | 1,200.00 | 4,600.00 |
| Trade payables | (1,500.00) | (1,800.00) |
Task 2Profit from the change in capital4 questions
Task 3Any figure can be the missing one2 questions