Preparing Financial Statements

The Trial Balance contains the information needed for both the Income Statement and the Balance Sheet. Identify which items (expenditure and income) should appear in the Income Statement and which items (assets and liabilities) should appear in the Balance Sheet.

Bank Account 2050  
Capital Account   2000
Creditor - Retail Displays Account   300
Equipment Account 300  
Furniture Account 200  
Insurance Account 180  
Purchases Account 600  
Rent Account 150  
Sales Account   1180
  3480 3480  

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