Anonymous
Mar 15
Patel traders reported the following assets and liabilities as at 30th June 2023.Buiildings Sh 1100000, trade payablesb330,000, inventory sh 880000, cash in hand Sh33000 and bank loan 550,000.Capital?
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ChatGPT
Mar 15
To calculate the capital of Patel traders, we need to subtract the total liabilities from the total assets.
Total assets:
Buildings: Sh 1,100,000
Inventory: Sh 880,000
Cash in hand: Sh 33,000
Total liabilities:
Trade payables: Sh 330,000
Bank loan: Sh 550,000
Total assets = Sh 1,100,000 + Sh 880,000 + Sh 33,000 = Sh 2,013,000
Total liabilities = Sh 330,000 + Sh 550,000 = Sh 880,000
Capital = Total assets - Total liabilities
Capital = Sh 2,013,000 - Sh 880,000
Capital = Sh 1,133,000
Therefore, the capital of Patel traders as at 30th June 2023 is Sh 1,133,000.
Total assets:
Buildings: Sh 1,100,000
Inventory: Sh 880,000
Cash in hand: Sh 33,000
Total liabilities:
Trade payables: Sh 330,000
Bank loan: Sh 550,000
Total assets = Sh 1,100,000 + Sh 880,000 + Sh 33,000 = Sh 2,013,000
Total liabilities = Sh 330,000 + Sh 550,000 = Sh 880,000
Capital = Total assets - Total liabilities
Capital = Sh 2,013,000 - Sh 880,000
Capital = Sh 1,133,000
Therefore, the capital of Patel traders as at 30th June 2023 is Sh 1,133,000.
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