Homework Answers
| Year 1 | ||||
| Calculation of Closing RE: | ||||
| Tassets | 170000 | |||
| Tliabilities | 51000 | |||
| Tequity | 119000 | |||
| Cstock | 85000 | |||
| Cl. Rearning | 34000 | |||
| a) Before closing balance RE = 34000-12000+2700 = 24700 | ||||
| b) After Closing balance in RE = 34000 | ||||
| c) Before closing balances in Rev, Exp & Div a/c = | ||||
| Balance in Rev = 30000 | ||||
| in Exp. = 18000 | ||||
| in Div = 2700 | ||||
| d) After closing balances in Rev, Exp & Div a/c = | ||||
| No balance in either accounts, as all balances got transferred | ||||
| to RE a/c | ||||
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