A business has a property worth £60,000, a motor vehicle worth £7,000, fixtures and fittings worth £15,000, cash in the bank of £6,000. The business owes £20,000 to its suppliers and £5,000 is still outstanding on a loan. How much capital does the business have?
A) £39,000
B) £53,000
C) £81,000
D) £95,000
Correct Answer:
Verified
Q1: If drawings exceed opening capital plus net
Q2: Owner's capital is:
A) Opening capital plus drawings
Q3: An entity's net profit may be calculated
Q4: Which of the following best explains what
Q6: Where does the following item appear in
Q7: Which of the following costs would be
Q8: Which of the following statements is not
Q9: Which of the following statements is correct?
A)
Q10: If opening capital is £10,000 and closing
Q11: If opening capital is £120,000, closing capital
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