Patricia Green's Organic Fruit and Vegetable Stall

Preparing Simple Financial Statements

Scene 52 / of 60
The Balance Sheet shows the assets and liabilities of an organisation at a point in time. The Balance Sheet is divided in two. The top section representing assets the lower section representing liabilities or how the resources were funded. Both sections should be equal. The Balance Sheet is titled "Balance Sheet as at October 7".

Preparing the Balance Sheet - Establishing the Fixed Assets

Non-current Assets (fixed) should be presented first. Select any fixed assets in the trial balance.


Account DEBIT CREDIT
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
     


Income from Sales:    
   Sales 1180  
   Net Sales:
 		   1180
Cost of Sales:    
   Purchases 600  
   Total Cost of Sales:
 		   600
GROSS PROFIT:   580
Other Income:    
   Total Other Income:
 		   0
Expenses:    
   Insurance 180  
   Rent 150  
   Total expenses:
 		   330
NET PROFIT / (LOSS):   250
ASSETS:  
LIABILITIES:  



« back to previous step