Bling

Preparing Simple Financial Statements

Scene 128 / of 136
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 May 31".

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
Advertising Account 400  
Bank Account 9560  
Bank Interest Account 50  
Capital Account   5000
Cash Account 270  
Creditor Shops R Us Account   4500
Creditor Style Accessories Account   1280
Debtor Greenland Golf Club Account    
Drawings Account 600  
Equipment Account 2000  
Fixtures & Fittings Account 4500  
Insurance Account 300  
Loan Account   10000
Purchases Account 5500  
Purchases Returns Account   120
Rent Payable Account 1000  
Sales Account   3310
Sales Returns Account 30  
  24210 24210
     


Income from Sales:    
   Sales 3310  
   Sales Returns 30  
   Net Sales:
 		   3280
Cost of Sales:    
   Purchases 5500  
   Purchases Returns 120  
   Closing Stock 3000  
   Total Cost of Sales:
 		   2380
GROSS PROFIT:   900
Other Income:    
   Total Other Income:
 		   0
Expenses:    
   Advertising 400  
   Bank Interest 50  
   Insurance 300  
   Rent Payable 1000  
   Total expenses:
 		   1750
NET PROFIT / (LOSS):   -850
ASSETS:  
LIABILITIES:  



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