Patricia Green's Organic Fruit and Vegetable Stall

Preparing Simple Financial Statements

Scene 56 / of 60

Preparing the Balance Sheet - Establishing the Non-current Liabilities

Any debts that don't need to be repaid within a year are included as Non-current Liabilities. These would be long term liabilities such as loans. Select any "non-current liabilities" you can see 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:    
Non-current Assets (fixed):    
   Equipment 300  
   Furniture 200  
   Total Non-current Assets:
 		   500
Current Assets:    
   Bank 2050  
   Total Current Assets:
 		   2050
TOTAL ASSETS:   2550
LIABILITIES:    
Capital:    
   Capital 2000  
   Profit 250  
   Total Closing Capital:
 		   2250



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