Need helps... financial statement
This is the trial balance
Debit (₤) Credit (₤)
Bank 5,163
Buildings 55,000
Van 4,000
Shop fittings 5,200
Equipment 1,000
Capital 71,000
Cash 195
Purchases 5,500
Sales 5,150
Stationery 15
Cleaning 40
Lighting & heating 35
Motor expenses 52
Creditor 200
Debtor 150
SUM 76,350 ------ 76,350
•Closing stock was valued at ₤ 1,380 as at 31st December 2001
Question:
The client phone you up and ask you why he has to pay you to produce financial statements when he knows himself how much profit the company is making.
Required:
Explain to the client which others group may be interested in an organizations financial statements and why. Use relevant figures from your solutions to question one (prepare profit and loss acc, balance sheet - I've done already)
Anybody know about this type of this question, please help me to answer this question. Thanks you very much.
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