Bling

Preparing Simple Financial Statements

Scene 129 / of 136

Preparing the Balance Sheet - Establishing the Current Assets

Identify the current assets in the Trial Balance and select them to the Balance Sheet.


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
     
Closing stock is valued at €3000 at the end of May 30.


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:    
Non-current Assets (fixed):    
   Equipment 2000  
   Fixtures & Fittings 4500  
   Total Non-current Assets:
 		   6500
LIABILITIES:    



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