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Month-end balance sheet amounts for the legal practice of Adam

Month-end amounts for the legal practice of Adam Booth, a local lawyer, for 3consecutive months of 2016 are shown below. The information is complete except for the balance in the Capital account.

October

November

December

Cash at bank

Accounts receivable

Prepaid insurance

Office equipment

Property

Accounts payable

Wages payable

Mortgage payable

Adam Booth, Capital

$9100

16100

700

29800

226000

10100

5100

134700

?

$3900

15000

1800

29700

224 000

3100

4100

134300

?

$3000

8050

1600

39300

222 000

3000

4800

133900

?

Required

  1. Determine the balance in Adam Booth’s Capital account at the end of each month.
  2. Assuming that Booth made no additional investments and did not withdraw any money from the business during the 3 months, determine the profit for November and for December.
  3. Prepare a for the business at the end of December 2016. (The heading should read: Adam Booth, Lawyer)

 

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