1/1/2010                     31/12/2010
Creditors - #9,000            #9,800
Rent owing - #3,800        #2,500
Rates prepaid - #2,000   #3,500
Motor van - #8,000         #8,000
Premises - #10,000        #10,500

Calculate the closing capital

Given:

Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000

Determine the net profit

Given:

Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000

The adjusted capital as at 31/1/2007 is

When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a