Cash in hand (Current asset)
bank overdraft (Current liability )
sundry creditors (Current liability)
office furniture (Fixed asset)
Loan FROM P&S ltd (Liability )
motor vehicles ( fixed assets )
Now use this info for finding out equity and your answer is -8500.. I don't understand how you got 2300? Either you missed providing some more info. or you read the answer wrong.
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AK distributors had these assets and liabilities
cash in hand 4000
bank overdraft 11000
sundry creditors 3000
office furniture 4500
loan from P&S LTD 15000
motor vehichles 12000
what is the equity thanks so much :)
