Sonzaschool

Mada za sehemu hiiElementary Balance SheetMada 2

Y+3=4

LIABILITIES AMOUNT ASSETS Capital Xxx FIXED ASSETS Add: net profit Xxx Buildings Xxx Motor van Less: drawings Xxx Furniture LONG TERM LIABILITIES CURRENT ASSETS Loan from bank Xxx Stock CURRENT LIABILITIES Debtor Creditor Xxx Cash in hand Bank over draft Xxx Cash in bank

From the following information prepare balance sheet Building 7,000 Debtor 9,500 Creditor 21,000 Machinery 33,000 Cash in hand 18,000 Bank loan 20,000 Capital 56,000 Drawings 2,000 Net profit 10,000 Stock at 31.12.2001 37,500 Solution QN1 BALANCE SHEET AS AT 31st Dec 2001 LIABILITIES AMOUNT ASSETS AMOUNT Capital 56,000 FIXED ASSETS Add: net profit 10,000 Building 7,000 66,000 Machinery 33,000 40,000 Less: drawings 2,000 64,000 LONG TERM LIABILITIES CURRENT ASSETS Bank loan 20,000 Stock 37,500 Debtor 9,500 Cash in hand 15,000 65,000 CURRENT LIABILITIES Creditor 21,000 105,000 105,000

From the information prepare Trading, profit and loss account and balance sheet as at 30th December 2006 DETAILS DR CR Sales 18,600 Purchases 11,556 Carriage outwards 326 Carriage inwards 234 Stock at 1.1.2006 3,776 Return outward 355 Return inward 440 Salaries or wage 2,447 Motor 664 Rent 576 Sundry 1,200 Motor vehicle 2,400 Fixture and fittings 600 Debtors 4,577 Creditor 3,043 Cash at bank 3,876 Cash in hand 120 Drawings 2,050 Capital 12,844 Stock at 31 December 2006 is 4,998 Solution QN2 DR TRADING, PROFIT AND LOSS ACCOUNT FOR THE YEAR END OF 2006 CR BALANCE SHEET AS AT 31st Dec 2006 LIABILITIES Amount ASSETS Amount Capital FIXED ASSETS Add: net profit 12,844 Motor vehicle 2,400 2,734 Fixture and fittings 600 15,578 Less: drawings 2,050 CURRENT ASSETS 13,528 Stock 4,998 LONG TERM LIABILITIES Debtors 4,577 - Cash 120 CURRENT LIABILITIES Cash at bank 3,876 Creditor 3,043 16,571 16,571

LIABILITIES	Amount	ASSETS	Amount
Capital			FIXED ASSETS
Add: net profit	12,844	Motor vehicle	2,400
	2,734	Fixture and fittings	600
	15,578
Less: drawings	2,050	CURRENT ASSETS
	13,528	Stock	4,998
LONG TERM LIABILITIES		Debtors	4,577
-		Cash	120
CURRENT LIABILITIES		Cash at bank	3,876
Creditor	3,043
	16,571		16,571

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