Balance Sheet
EXERCISE 1.
Nguyen Bich Fitness Club has provided the following information that relates to their financial year ended June 30, 2011 Account | Amount ($) | Nguyen Bich - Capital | 350,000 | Bank Loan – due in October, 2012 | 5,000 | Accounts Payable | 17,250 | Accounts Receivable | 41,560 | Cash | 18,750 | Retained Profits | 76,000 | Salaries payable | 6,750 | Supplies | 1,040 | Salaries Expense | 19,100 | Buildings | 85,000 | Prepaid Rent | 15,600 | Motor Vehicles | 96,000 | Equipment | 250,000 | Accumulated Depreciation – Motor Vehicles | 16,000 | Accumulated Depreciation - Equipment | 51,950 | Rent Expense | 6,200 | Electricity Bill – paid on May 30, 2011 | 8,500 | Land | 15,000 | Depreciation Expense | 31,750 | | |
Required
Prepare a fully classified vertical format Balance Sheet for Nguyen Bich Fitness Club as at June 30, 2011
EXERCISE 2.
The following are account balances of Brickwork as | | | | at 31 December 2010: | | | | | | | | | | | | | | Account | Amount ($) | | | | | | Plant & machinery | 25,000 | | | | | | Accounts receivable | 11,000 | | | | | | Bank overdraft | 2,000 | | | | | | Goodwill | 20,000 | | | | | | Prepayments | 7,000 | | | | | | Patents & trademarks | 30,000 | | | | | | Long-term loans | 62,000 | | | | | | Freehold premises | 50,000 | | | | | | Accounts payable | 15,000 | | | | | | Capital | 79,000 | | | | | | Cash in hand | 3,000 | | | | | | Cash at bank | 12,000 | | | | | | Fixtures & Fittings | 15,000 | | | | | | Profit for the year | 15,000 | | | | | | | | | | | | | | | | | | | | Prepare the Statement of Financial Position as at 31 December 2010 | | | | | | | |
More EXERCISES:
Textbook: A. Attempt the Comprehension
Nguyen Bich Fitness Club has provided the following information that relates to their financial year ended June 30, 2011 Account | Amount ($) | Nguyen Bich - Capital | 350,000 | Bank Loan – due in October, 2012 | 5,000 | Accounts Payable | 17,250 | Accounts Receivable | 41,560 | Cash | 18,750 | Retained Profits | 76,000 | Salaries payable | 6,750 | Supplies | 1,040 | Salaries Expense | 19,100 | Buildings | 85,000 | Prepaid Rent | 15,600 | Motor Vehicles | 96,000 | Equipment | 250,000 | Accumulated Depreciation – Motor Vehicles | 16,000 | Accumulated Depreciation - Equipment | 51,950 | Rent Expense | 6,200 | Electricity Bill – paid on May 30, 2011 | 8,500 | Land | 15,000 | Depreciation Expense | 31,750 | | |
Required
Prepare a fully classified vertical format Balance Sheet for Nguyen Bich Fitness Club as at June 30, 2011
EXERCISE 2.
The following are account balances of Brickwork as | | | | at 31 December 2010: | | | | | | | | | | | | | | Account | Amount ($) | | | | | | Plant & machinery | 25,000 | | | | | | Accounts receivable | 11,000 | | | | | | Bank overdraft | 2,000 | | | | | | Goodwill | 20,000 | | | | | | Prepayments | 7,000 | | | | | | Patents & trademarks | 30,000 | | | | | | Long-term loans | 62,000 | | | | | | Freehold premises | 50,000 | | | | | | Accounts payable | 15,000 | | | | | | Capital | 79,000 | | | | | | Cash in hand | 3,000 | | | | | | Cash at bank | 12,000 | | | | | | Fixtures & Fittings | 15,000 | | | | | | Profit for the year | 15,000 | | | | | | | | | | | | | | | | | | | | Prepare the Statement of Financial Position as at 31 December 2010 | | | | | | | |
More EXERCISES:
Textbook: A. Attempt the Comprehension