10-Column Worksheet Practice
VerifiedAdded on 2020/04/07
|14
|2334
|313
AI Summary
The assignment presents a completed 10-column worksheet that summarizes the financial position of a business. It includes details about assets, liabilities, and equity, categorized into current and non-current sections. The worksheet allows for a clear presentation and analysis of the company's financial health.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
ACCOUNTING WORKSHEET 1
ACCOUNTING
WORKSHEET
ACCOUNTING
WORKSHEET
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
ACCOUNTING WORKSHEET 2
Contents
Introduction:...............................................................................................................................3
Detailed analysis:.......................................................................................................................3
References................................................................................................................................18
Contents
Introduction:...............................................................................................................................3
Detailed analysis:.......................................................................................................................3
References................................................................................................................................18
ACCOUNTING WORKSHEET 3
Introduction:
The assignment is about the creation of a worksheet. It has the general ledger accounts titles
in the first column and is followed by the debit and the credit amounts under the head of
unadjusted trial balance and the same are then exposed to various adjustments that are
undertaken at the end of period such as the reporting or the recording of the depreciation
amount. After then the adjustments are undertaken into account and the effects of these
adjustments are brought into the trial balance which is then termed as the Adjusted Trial
Balance. This Adjusted Trial Balance is then used for the purposes of preparing the financial
statements.
Detailed analysis:
The worksheet generally has a general ledger account which contains the titles of the
accounts. There would be one debit and one credit. And this would be for each one of the
following headings:
1. The first step for preparing the adjusted trial balance is to prepare the unadjusted trial
balance. Trial balance is an important accounting worksheet and is a part for closing
the books. This worksheet summarizes all the entries posted in the ledgers. Initially,
the entries are recorded in the general ledgers and then the balances from these
ledgers are transferred to the trial balance which helps in giving a bird eye view for
the transactions entered. Further, it also helps in identifying the errors done at the time
of posting entries in the ledgers. The trial balance generally contains three columns,
Introduction:
The assignment is about the creation of a worksheet. It has the general ledger accounts titles
in the first column and is followed by the debit and the credit amounts under the head of
unadjusted trial balance and the same are then exposed to various adjustments that are
undertaken at the end of period such as the reporting or the recording of the depreciation
amount. After then the adjustments are undertaken into account and the effects of these
adjustments are brought into the trial balance which is then termed as the Adjusted Trial
Balance. This Adjusted Trial Balance is then used for the purposes of preparing the financial
statements.
Detailed analysis:
The worksheet generally has a general ledger account which contains the titles of the
accounts. There would be one debit and one credit. And this would be for each one of the
following headings:
1. The first step for preparing the adjusted trial balance is to prepare the unadjusted trial
balance. Trial balance is an important accounting worksheet and is a part for closing
the books. This worksheet summarizes all the entries posted in the ledgers. Initially,
the entries are recorded in the general ledgers and then the balances from these
ledgers are transferred to the trial balance which helps in giving a bird eye view for
the transactions entered. Further, it also helps in identifying the errors done at the time
of posting entries in the ledgers. The trial balance generally contains three columns,
ACCOUNTING WORKSHEET 4
namely account titles or description, debit amounts and credit amounts. Once all the
balances from ledgers are entered in the trial balance the total of debit and credit
amounts should be equal to each other. If the balance does not matches, it means there
is an mathematical error and before proceeding further this error needs to be rectified,
else all the financial statements will reflect false picture and does not serve the
purpose. Generally, the errors for non-matching of debit and credit side of trial
balance are, posting of entries on the wrong side, posting of entries in wrong ledgers,
error of omission, i.e. non posting of entry in one ledger, entries posted twice or
duplicate entries. So, the trial balance is prepared to keep a check on all these errors
and to prepare error free financial statements. The unadjusted Trial Balance in the
given case is as follows:
Paul services Trial Balance As At 30 June 2016
Account No Account Name Debit Credit
101 Cash at Bank $1,40,790
105 Accounts Receivable $46,930
115 Supplies $2,410
120 Prepaid Insurance $4,820
135 Office Furniture $60,300
137
Acc. Depreciation. –
Furniture $11,000
140 Office Equipment $1,20,600
141
Acc. Depreciation –
Equipment $22,000
namely account titles or description, debit amounts and credit amounts. Once all the
balances from ledgers are entered in the trial balance the total of debit and credit
amounts should be equal to each other. If the balance does not matches, it means there
is an mathematical error and before proceeding further this error needs to be rectified,
else all the financial statements will reflect false picture and does not serve the
purpose. Generally, the errors for non-matching of debit and credit side of trial
balance are, posting of entries on the wrong side, posting of entries in wrong ledgers,
error of omission, i.e. non posting of entry in one ledger, entries posted twice or
duplicate entries. So, the trial balance is prepared to keep a check on all these errors
and to prepare error free financial statements. The unadjusted Trial Balance in the
given case is as follows:
Paul services Trial Balance As At 30 June 2016
Account No Account Name Debit Credit
101 Cash at Bank $1,40,790
105 Accounts Receivable $46,930
115 Supplies $2,410
120 Prepaid Insurance $4,820
135 Office Furniture $60,300
137
Acc. Depreciation. –
Furniture $11,000
140 Office Equipment $1,20,600
141
Acc. Depreciation –
Equipment $22,000
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
ACCOUNTING WORKSHEET 5
145 Store Equipment $1,80,900
146
Acc. Depreciation –
Equipment $16,500
170 Automobile $2,41,200
171
Acc. Depreciation –
Automobile $22,000
201 Accounts Payable $93,860
202 Interest Payable $1,40,790
207 Unearned revenue $30,150
210 Loan Payable $12,060
215 Mortgage Payable $2,41,200
301 Paul's Capital $1,41,020
305 Paul's Drawings $66,000
401 Revenue $2,41,000
601 Advertising Expense $2,800
605 Automobile Expense $5,775
615
Depreciation Expense –
Furniture $11,000
620
Depreciation Expense –
Equipment $22,000
625
Depreciation Expense - Store
Equipment $16,500
640
Depreciation Expense –
Automobile $22,000
650 Insurance Expense $2,300
145 Store Equipment $1,80,900
146
Acc. Depreciation –
Equipment $16,500
170 Automobile $2,41,200
171
Acc. Depreciation –
Automobile $22,000
201 Accounts Payable $93,860
202 Interest Payable $1,40,790
207 Unearned revenue $30,150
210 Loan Payable $12,060
215 Mortgage Payable $2,41,200
301 Paul's Capital $1,41,020
305 Paul's Drawings $66,000
401 Revenue $2,41,000
601 Advertising Expense $2,800
605 Automobile Expense $5,775
615
Depreciation Expense –
Furniture $11,000
620
Depreciation Expense –
Equipment $22,000
625
Depreciation Expense - Store
Equipment $16,500
640
Depreciation Expense –
Automobile $22,000
650 Insurance Expense $2,300
ACCOUNTING WORKSHEET 6
665 Maintenance Expense $9,800
670 Miscellaneous Expense $1,155
675 Rent Expense $2,200
680 Supplies Expense $4,400
685 Utilities Expense $3,300
690 Interest Expense $4,400
$9,71,580 $9,71,580
The total amount of the debit and the credit must always be equal since only then the Trial
Balance would be considered to be complete. The above totals are equal to $9,71,580
(Alison, 2017).
2. The next step is the journalising of the adjustments. The adjustment journal entries are
recorded after preparation of unadjusted trial balance. These entries are necessary for
preparing accounts under accrual method of accounting. These entries relates to
income statement and balance sheet account. Examples of these entries include
charging depreciation, recording supplies consumed, recording amortization of
prepaid and intangibles, recording unearned revenue, recording unrecognized income
or expense for the period etc. Adjusting entries are also made to rectify any error done
in a prior period and are also known as “balance day adjustments”. These entries are
recorded yearly or at the end of each reporting period.
The purpose of these entries is to make the accounts reflect the true and fair view and
make the accounts on accrual basis. That means it is not always necessary that only
receipt and payment of money makes the transactions, non-receipt of money and
665 Maintenance Expense $9,800
670 Miscellaneous Expense $1,155
675 Rent Expense $2,200
680 Supplies Expense $4,400
685 Utilities Expense $3,300
690 Interest Expense $4,400
$9,71,580 $9,71,580
The total amount of the debit and the credit must always be equal since only then the Trial
Balance would be considered to be complete. The above totals are equal to $9,71,580
(Alison, 2017).
2. The next step is the journalising of the adjustments. The adjustment journal entries are
recorded after preparation of unadjusted trial balance. These entries are necessary for
preparing accounts under accrual method of accounting. These entries relates to
income statement and balance sheet account. Examples of these entries include
charging depreciation, recording supplies consumed, recording amortization of
prepaid and intangibles, recording unearned revenue, recording unrecognized income
or expense for the period etc. Adjusting entries are also made to rectify any error done
in a prior period and are also known as “balance day adjustments”. These entries are
recorded yearly or at the end of each reporting period.
The purpose of these entries is to make the accounts reflect the true and fair view and
make the accounts on accrual basis. That means it is not always necessary that only
receipt and payment of money makes the transactions, non-receipt of money and
ACCOUNTING WORKSHEET 7
rendering pf services is also a transaction and needs to be recorded. After the
adjusting entries are made, then they are posted to the general ledgers account like
any other entries.
In the given question, the following are the adjustment entries:
Interest accrued but not paid to the tune of $24,120
Ending supplies remains in hand at $602.50
Value remaining in prepaid insurance $964
Charging of depreciation for the year on office furniture, office equipment, store
equipment and automobile
To record portion of unearned revenue, earned during the year at $15,075.
Now the above are the adjustments that have to be made. This is mainly done by recording
the journal entry. There would be a debit and a corresponding credit. The following are the
journal entries for the stated adjustments:
Paul Services
Journal Entries
For the period ended on 30 June, 2016
Date Particulars Ref.
Amount
(Dr.)
Amount
(Cr.)
30 June, 2016 Interest Expense 690
24,12
0
Interest Payable 202
24,
120
rendering pf services is also a transaction and needs to be recorded. After the
adjusting entries are made, then they are posted to the general ledgers account like
any other entries.
In the given question, the following are the adjustment entries:
Interest accrued but not paid to the tune of $24,120
Ending supplies remains in hand at $602.50
Value remaining in prepaid insurance $964
Charging of depreciation for the year on office furniture, office equipment, store
equipment and automobile
To record portion of unearned revenue, earned during the year at $15,075.
Now the above are the adjustments that have to be made. This is mainly done by recording
the journal entry. There would be a debit and a corresponding credit. The following are the
journal entries for the stated adjustments:
Paul Services
Journal Entries
For the period ended on 30 June, 2016
Date Particulars Ref.
Amount
(Dr.)
Amount
(Cr.)
30 June, 2016 Interest Expense 690
24,12
0
Interest Payable 202
24,
120
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
ACCOUNTING WORKSHEET 8
(To record interest accrued on mortgage)
30 June, 2016 Supplies Expense 680
1,80
8
Supplies 115
1,
808
(To record supplies used during the period)
30 June, 2016 Insurance Expense 650
3,85
6
Prepaid Insurance 120
3,
856
(To record prepaid amortization)
30 June, 2016
Depreciation Expense - Furniture ((60300-
300)/5/12) 615 1,000
Acc. Depreciation. – Furniture 137
1,0
00
(To record depreciation expense for the period)
30 June, 2016
Depreciation Expense - Equipment ((120600-
600)/5/12) 620 2,000
Acc. Depreciation – Equipment 141
2,0
00
(To record depreciation expense for the period)
30 June, 2016
Depreciation Expense - Store Equipment
((180900-900)/10/12) 625 1,500
Acc. Depreciation - Equipment 146
1,5
00
(To record depreciation expense for the period)
30 June, 2016
Depreciation Expense - Automobile ((241200-
1200)/10/12) 640 2,000
Acc. Depreciation – Automobile 171 2,0
(To record interest accrued on mortgage)
30 June, 2016 Supplies Expense 680
1,80
8
Supplies 115
1,
808
(To record supplies used during the period)
30 June, 2016 Insurance Expense 650
3,85
6
Prepaid Insurance 120
3,
856
(To record prepaid amortization)
30 June, 2016
Depreciation Expense - Furniture ((60300-
300)/5/12) 615 1,000
Acc. Depreciation. – Furniture 137
1,0
00
(To record depreciation expense for the period)
30 June, 2016
Depreciation Expense - Equipment ((120600-
600)/5/12) 620 2,000
Acc. Depreciation – Equipment 141
2,0
00
(To record depreciation expense for the period)
30 June, 2016
Depreciation Expense - Store Equipment
((180900-900)/10/12) 625 1,500
Acc. Depreciation - Equipment 146
1,5
00
(To record depreciation expense for the period)
30 June, 2016
Depreciation Expense - Automobile ((241200-
1200)/10/12) 640 2,000
Acc. Depreciation – Automobile 171 2,0
ACCOUNTING WORKSHEET 9
00
(To record depreciation expense for the period)
30 June, 2016 Unearned revenue 207
15,07
5
Revenue 401
15,
075
(To record unearned revenue earned)
3. Now, the next step is to post the above adjusted entries in the ledgers and to prepare
the adjusted trial balance. Adjusted trial balance is a complete trial balance which
contains the unadjusted ledger balances and then the adjustment entries. The purpose
of preparing adjusted trial balance is to
Check for the errors like totalling errors, omission errors or other errors as
discussed above. This check is done by ensuring that the total of debits and
credits column matches.
Facilitate the preparation of financial statements. The financial statements like
income statement, balance sheet are prepared on the basis of adjusted trial
balance.
The following is the worksheet after taking into account the adjustments as have been listed
above:
Accounting Worksheet as on 30 June,
2016
Unadjusted Trial
Balance
Adjusting
entries
Adjusted Trial
Balance
Accoun
t No Account Name Debit Credit Debit Credit Debit Credit
00
(To record depreciation expense for the period)
30 June, 2016 Unearned revenue 207
15,07
5
Revenue 401
15,
075
(To record unearned revenue earned)
3. Now, the next step is to post the above adjusted entries in the ledgers and to prepare
the adjusted trial balance. Adjusted trial balance is a complete trial balance which
contains the unadjusted ledger balances and then the adjustment entries. The purpose
of preparing adjusted trial balance is to
Check for the errors like totalling errors, omission errors or other errors as
discussed above. This check is done by ensuring that the total of debits and
credits column matches.
Facilitate the preparation of financial statements. The financial statements like
income statement, balance sheet are prepared on the basis of adjusted trial
balance.
The following is the worksheet after taking into account the adjustments as have been listed
above:
Accounting Worksheet as on 30 June,
2016
Unadjusted Trial
Balance
Adjusting
entries
Adjusted Trial
Balance
Accoun
t No Account Name Debit Credit Debit Credit Debit Credit
ACCOUNTING WORKSHEET 10
101 Cash at Bank 140,790 - - 140,790
105 Accounts Receivable 46,930 - - 46,930
115 Supplies 2,410 - 1,808 603
120 Prepaid Insurance 4,820 - 3,856 964
135 Office Furniture 60,300 - - 60,300
137
Acc. Depreciation. -
Furniture 11,000 - 1,000 12,000
140 Office Equipment 120,600 - - 120,600
141
Acc. Depreciation -
Equipment 22,000 - 2,000 24,000
145 Store Equipment 180,900 - - 180,900
146
Acc. Depreciation -
Equipment 16,500 - 1,500 18,000
170 Automobile 241,200 - - 241,200
171
Acc. Depreciation -
Automobile 22,000 - 2,000 24,000
201 Accounts Payable 93,860 - - 93,860
202 Interest Payable 140,790 - 24,120 164,910
207 Unearned revenue 30,150 15,075 - 15,075
210 Loan Payable 12,060 - - 12,060
215 Mortgage Payable 241,200 - - 241,200
301 Paul's Capital 141,020 - - 141,020
305 Paul's Drawings 66,000 - - 66,000
401 Revenue 241,000 - 15,075 256,075
601 Advertising Expense 2,800 - - 2,800
605 Automobile Expense 5,775 - - 5,775
615
Depreciation Expense -
Furniture 11,000 1,000 - 12,000
620
Depreciation Expense -
Equipment 22,000 2,000 - 24,000
625
Depreciation Expense - Store
Equipment 16,500 1,500 - 18,000
640
Depreciation Expense -
Automobile 22,000 2,000 - 24,000
650 Insurance Expense 2,300 3,856 - 6,156
665 Maintenance Expense 9,800 - - 9,800
670 Miscellaneous Expense 1,155 - - 1,155
675 Rent Expense 2,200 - - 2,200
680 Supplies Expense 4,400 1,808 - 6,208
685 Utilities Expense 3,300 - - 3,300
690 Interest Expense 4,400 24,120 - 28,520
971,580 971,580 51,359 51,359 1,002,200 1,002,200
101 Cash at Bank 140,790 - - 140,790
105 Accounts Receivable 46,930 - - 46,930
115 Supplies 2,410 - 1,808 603
120 Prepaid Insurance 4,820 - 3,856 964
135 Office Furniture 60,300 - - 60,300
137
Acc. Depreciation. -
Furniture 11,000 - 1,000 12,000
140 Office Equipment 120,600 - - 120,600
141
Acc. Depreciation -
Equipment 22,000 - 2,000 24,000
145 Store Equipment 180,900 - - 180,900
146
Acc. Depreciation -
Equipment 16,500 - 1,500 18,000
170 Automobile 241,200 - - 241,200
171
Acc. Depreciation -
Automobile 22,000 - 2,000 24,000
201 Accounts Payable 93,860 - - 93,860
202 Interest Payable 140,790 - 24,120 164,910
207 Unearned revenue 30,150 15,075 - 15,075
210 Loan Payable 12,060 - - 12,060
215 Mortgage Payable 241,200 - - 241,200
301 Paul's Capital 141,020 - - 141,020
305 Paul's Drawings 66,000 - - 66,000
401 Revenue 241,000 - 15,075 256,075
601 Advertising Expense 2,800 - - 2,800
605 Automobile Expense 5,775 - - 5,775
615
Depreciation Expense -
Furniture 11,000 1,000 - 12,000
620
Depreciation Expense -
Equipment 22,000 2,000 - 24,000
625
Depreciation Expense - Store
Equipment 16,500 1,500 - 18,000
640
Depreciation Expense -
Automobile 22,000 2,000 - 24,000
650 Insurance Expense 2,300 3,856 - 6,156
665 Maintenance Expense 9,800 - - 9,800
670 Miscellaneous Expense 1,155 - - 1,155
675 Rent Expense 2,200 - - 2,200
680 Supplies Expense 4,400 1,808 - 6,208
685 Utilities Expense 3,300 - - 3,300
690 Interest Expense 4,400 24,120 - 28,520
971,580 971,580 51,359 51,359 1,002,200 1,002,200
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
ACCOUNTING WORKSHEET 11
4. After the Adjusted Trail Balance has been prepared, the income statement is to be
prepared. The income statement is prepared to arrive at the net profit or loss for the
year. It contains all the revenue and expense. The following is the income statement:
Paul Services
Income Statement
For the Period on 31.05.2016
Particulars Amount ($)
Income:
Revenue 256,075 256,075
Expenses:
Advertising Expense 2,800
Automobile Expense 5,775
Depreciation Expense – Furniture 12,000
Depreciation Expense – Equipment 24,000
Depreciation Expense - Store Equipment 18,000
Depreciation Expense – Automobile 24,000
Insurance Expense 6,156
Maintenance Expense 9,800
Miscellaneous Expense 1,155
Rent Expense 2,200
Supplies Expense 6,208
Utilities Expense 3,300
Interest Expense 28,520 143,914
4. After the Adjusted Trail Balance has been prepared, the income statement is to be
prepared. The income statement is prepared to arrive at the net profit or loss for the
year. It contains all the revenue and expense. The following is the income statement:
Paul Services
Income Statement
For the Period on 31.05.2016
Particulars Amount ($)
Income:
Revenue 256,075 256,075
Expenses:
Advertising Expense 2,800
Automobile Expense 5,775
Depreciation Expense – Furniture 12,000
Depreciation Expense – Equipment 24,000
Depreciation Expense - Store Equipment 18,000
Depreciation Expense – Automobile 24,000
Insurance Expense 6,156
Maintenance Expense 9,800
Miscellaneous Expense 1,155
Rent Expense 2,200
Supplies Expense 6,208
Utilities Expense 3,300
Interest Expense 28,520 143,914
ACCOUNTING WORKSHEET 12
Net Profit 112,162
5. After preparation of income statement, the closing entry is passed to transfer all the
incomes and expenses to the retained earnings account so that statement of changes in
equity and the balance sheet can be prepared. The closing entries are different from
adjustment entries, the adjustment entries are prepared to journalise the entries
required for completing the trial balance whereas the closing entries are prepared to
transfer the amount of expenses or incomes incurred or earned during the year to
retained earnings account. The closing entry in the above case is as follows:
Date Particulars Ref. Amount (Dr.) Amount (Cr.)
31-May-16 Revenue 401
256,07
5
Advertising Expense 601 2,800
Automobile Expense 605 5,775
Depreciation Expense - Furniture 615 12,000
Depreciation Expense - Equipment 620 24,000
Depreciation Expense - Store
Equipment 625 18,000
Depreciation Expense - Automobile 640 24,000
Insurance Expense 650 6,156
Maintenance Expense 665 9,800
Miscellaneous Expense 670 1,155
Rent Expense 675 2,200
Supplies Expense 680 6,208
Net Profit 112,162
5. After preparation of income statement, the closing entry is passed to transfer all the
incomes and expenses to the retained earnings account so that statement of changes in
equity and the balance sheet can be prepared. The closing entries are different from
adjustment entries, the adjustment entries are prepared to journalise the entries
required for completing the trial balance whereas the closing entries are prepared to
transfer the amount of expenses or incomes incurred or earned during the year to
retained earnings account. The closing entry in the above case is as follows:
Date Particulars Ref. Amount (Dr.) Amount (Cr.)
31-May-16 Revenue 401
256,07
5
Advertising Expense 601 2,800
Automobile Expense 605 5,775
Depreciation Expense - Furniture 615 12,000
Depreciation Expense - Equipment 620 24,000
Depreciation Expense - Store
Equipment 625 18,000
Depreciation Expense - Automobile 640 24,000
Insurance Expense 650 6,156
Maintenance Expense 665 9,800
Miscellaneous Expense 670 1,155
Rent Expense 675 2,200
Supplies Expense 680 6,208
ACCOUNTING WORKSHEET 13
Utilities Expense 685 3,300
Interest Expense 690 28,520
Retained earnings (b.f.) 112,162
(To record closing entry)
6. After the income statement has been prepared and the closing entry has been posted to
the relevant ledgers, the statement of retained earnings is prepared. The purpose of
this statement is to summarise the shareholder’s equity under a schedule. The
following is the statement of changes in equity:
STATEMENT OF CHANGES IN EQUITY
Paul Services
Statement of Changes in Equity
For the year ended 30 June, 2016
Particulars Capital
Retained
Earnings
Total
Opening balance 141,020 - 141,020
Drawings (66,000) (66,000)
Profit for the year 112,162 112,162
Closing Balance 75,020 112,162 187,182
Utilities Expense 685 3,300
Interest Expense 690 28,520
Retained earnings (b.f.) 112,162
(To record closing entry)
6. After the income statement has been prepared and the closing entry has been posted to
the relevant ledgers, the statement of retained earnings is prepared. The purpose of
this statement is to summarise the shareholder’s equity under a schedule. The
following is the statement of changes in equity:
STATEMENT OF CHANGES IN EQUITY
Paul Services
Statement of Changes in Equity
For the year ended 30 June, 2016
Particulars Capital
Retained
Earnings
Total
Opening balance 141,020 - 141,020
Drawings (66,000) (66,000)
Profit for the year 112,162 112,162
Closing Balance 75,020 112,162 187,182
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
ACCOUNTING WORKSHEET 14
7. After the income statement and statement of changes in equity have been prepared,
then the statement of financial position or the balance sheet is prepared. This is the
final statement which summarises all the assets and liabilities as on the reporting
period. This is the most important statement of all and shows all the assets owned and
liabilities to be paid off.
Paul Services
Balance Sheet
As on 30 June, 2016
Particulars Amount ($)
(I) Assets
Non-Current Assets
Office Furniture 60,300
Less: Acc. Depreciation. – Furniture (12,000) 48,300
Office Equipment 120,600
Less: Acc. Depreciation – Equipment (24,000) 96,600
Store Equipment 180,900
Less: Acc. Depreciation - Equipment (18,000) 162,900
Automobile 241,200
Less: Acc. Depreciation - Automobile (24,000) 217,200
Current Assets
Cash at Bank 140,790
7. After the income statement and statement of changes in equity have been prepared,
then the statement of financial position or the balance sheet is prepared. This is the
final statement which summarises all the assets and liabilities as on the reporting
period. This is the most important statement of all and shows all the assets owned and
liabilities to be paid off.
Paul Services
Balance Sheet
As on 30 June, 2016
Particulars Amount ($)
(I) Assets
Non-Current Assets
Office Furniture 60,300
Less: Acc. Depreciation. – Furniture (12,000) 48,300
Office Equipment 120,600
Less: Acc. Depreciation – Equipment (24,000) 96,600
Store Equipment 180,900
Less: Acc. Depreciation - Equipment (18,000) 162,900
Automobile 241,200
Less: Acc. Depreciation - Automobile (24,000) 217,200
Current Assets
Cash at Bank 140,790
1 out of 14
Related Documents
Your All-in-One AI-Powered Toolkit for Academic Success.
+13062052269
info@desklib.com
Available 24*7 on WhatsApp / Email
Unlock your academic potential
© 2024 | Zucol Services PVT LTD | All rights reserved.