Basil Smith is a hire-car operator. He started his business on May 1, and in his first month of business he earned £1430 cash. From this, he paid out £386 for petrol, £154 general running expenses and £100 for hire of garage. At the end of the month, he owed £55 for petrol.
KeywordsBalance Sheet Trade Creditor Trading Period Loss Account Actual Payment
Unable to display preview. Download preview PDF.