I need the answer as soon as possible Internet Bank Itd :Opening Balance Sheet at the start (£'000)Cash £1,120; Deposits £1,000; Capital £20 borrowing £100 at 2%. Over the year...1.Bank lends 900 at 10% all withdrawn on day 12.Makes a 3% provision3.Has £45 running costsPays a 20% dividend• Draw up the end of year closing balance sheet, P&L-also assume that there areno debtors or creditors at the year end)• Assess the strength of the bank• There are no debtors or trade creditors at the year end (i.e. all payments andreceipts made)4.

Profit and loss statement is the statement which shows how much profit has been earned by the bank…

Answered: Draw up the end of year closing balance…

Business

Accounting

Draw up the end of year closing balance sheet, P&L- also assume that there are no debtors or creditors at the year end)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

I need the answer as soon as possible

Internet Bank Itd :Opening Balance Sheet at the start (£'000)
Cash £1,120; Deposits £1,000; Capital £20 borrowing £100 at 2%. Over the year...
1.
Bank lends 900 at 10% all withdrawn on day 1
2.
Makes a 3% provision
3.
Has £45 running costs
Pays a 20% dividend
• Draw up the end of year closing balance sheet, P&L-also assume that there are
no debtors or creditors at the year end)
• Assess the strength of the bank
• There are no debtors or trade creditors at the year end (i.e. all payments and
receipts made)
4.

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