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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
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