Balance Sheet

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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| | | | | | | |

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Textbook:
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