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Accounting

((Please write your own words in a WORD file not in handwriting))

Q3. What formats are used to prepare Statement of Financial Position? Prepare a Statement of Financial Position of MNT Company for the year ended 31st December, 2015 in a proper format from the following list of accounts: (2 Marks)

List of Accounts

Amount ($)

Long Term Investments

51,000

Land

68,500

Buildings

165,000

Equipment

170,000

Goodwill

15,000

Patents

5,500

Inventories

270,000

Account Receivable

90,500

Prepaid Expenses

28,000

Short term investments

27,000

Cash and cash equivalents

26,500

Share Capital-Ordinary

210,000

Share Capital-Preference

220,000

Retained Earnings

93,500

Bonds (Liabilities due January 31, 2025)

233,750

Notes payable

44,000

Account payable

108,350

Salary payable

4,200

Deposits received from customers

3,200

.Answer:

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