Deck 2: The Statement of Financial Position

Question 1

Farook Limited has current assets of £68,420, current liabilities of £50,328, non-current liabilities of £102,000 and equity of £202,359. Using the accounting equation, calculate the figure for non-current assets.

A) £18,389
B) £118,451
C) £286,267
D) £423,107

Answer 1

C

Question 2

Gurbinder Limited has non-current assets of £250,000, current assets of £142,000, current liabilities of £125,000 and equity of £150,000. Using the accounting equation, calculate the figure for non-current liabilities.

A) £667,000
B) £383,000
C) £367,000
D) £117,000

Answer 2

D

Question 3

Nishi Limited has non-current assets of £622,481, non-current liabilities of £235,148, current assets of £359,727 and equity of £327,138. Using the accounting equation, calculate the figure for current liabilities.

A) £170,764
B) £419,922
C) £890,218
D) £1,074,198

Answer 3

B