Revision Accounting A by Jeswini Pillay https://padlet.com/jespillay29/l77iq5gmkfrp Short Answer questions en-us 2017-08-16 03:23:36 UTC 2025-09-26 07:29:38 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/File.png John and Jenny both own a mobile phone shop in Waterloo, Sydney and trade as Phooee Phones. They purchase their stock from a firm called Aussie Phone Imports on a credit basis and sell on a cash and credit basis to their customers. They have provided you with the following information as at Sept 31st, 2006-Buildings 128,500Creditors 45000Loan to Smith 5000Cash at Bank 40,800Bank Loan (5 years) 120,000Debtors 34,000Computer system 56,800Stock 70,000Vehicle 35,500Capital ?????? (A) Calculate total amounts for the following: (5 (i) Current Assets ________________________________ (ii) Non-Current Assets ________________________________ (iii) Current Liabilities ________________________________ (iv) Non-Current Liabilities ________________________________ (iv) Capital ________________________________ jespillay29 https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181190844 From Phooee Phones’s point of view, is Aussie Phone Imports a debtor or a creditor? Explain your answer.                                                                           (2 
 
 |What is the difference between current assets and liabilities
]]> 2017-08-16 03:32:03 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181190844 https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181196525 Hannan
1.Aussie is a creditor, because people purchased the stock from this business on a credit. The people owe the business money.
2. Current assets is means owned for less than one accounting period and can change to cash within 12months.

]]> 2017-08-16 04:27:39 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181196525 1)Non-current asset is 220800 ;current asset is 149800; capital is 205600; current liabilities is 45000; non current liabilities is 120000 https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181196899 2) Aussis is a creditor because phone shop purchase goods for credit 

]]> 2017-08-16 04:31:09 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181196899 i https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181197480 1818oo]]> 2017-08-16 04:36:57 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181197480 https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181197966 current assets:181800
non-current
assets:106006
current liabilities:173500
non-current liabilities:40800
capital:35500

]]> 2017-08-16 04:42:00 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181197966 creditor Aussie phone https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181197974 From phooee phone's point of view, they buy stock from Aussie phone at a credit basis, therefore they owe Aussie phone money, what means a creditor.]]> 2017-08-16 04:42:05 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181197974 https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181198103 (1)285800
(2)128500
(3)45000
(4)40800
(5)33500 ]]> 2017-08-16 04:43:26 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181198103 virginiahoi215 https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181198352 ai) 149800
ii) 220800
iii) 45000
iv) 120000
Capital- 205600
1) Aussie Phone Imports is a creditor as Phooee Phones purchases stocks from Aussie Phone Imports on credit, Phooee Phones owes money to Aussie Phone Imports.
2) Current assets are the things own by the business that can make values from and can be converted into cash within 12 months, while current liabilities are the money owes by the business that need to be paid within 12 months.]]> 2017-08-16 04:46:17 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181198352 Amy https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181198471 i) 149800
ii)220800
iii)45000
iv)120000
v) 205600
1. Aussie Phone Imports is a creditor, because Phooee Phone buy their stocks on credit from Aussie Phone Imports and they would owe money to Aussie Phone Imports. 
2. Current assets is the things that business own can be converted into cash in a accounting period (12months). At the same time, liabilitiy is the money that we owe to outsider and must be returned in a accounting period (within 12 months)]]> 2017-08-16 04:48:00 UTC https://padlet.com/jespillay29/l77iq5gmkfrp/wish/181198471