Preparation of Balance Sheet - SS1 Accounting Lesson Note
Question:
From the balances below, prepare a balance sheet or statement of financial position for Sun CO. as of December 2022:
₦
Furniture 25000
Opening stock 15600
Capital 30000
Debtors 12000
Creditors 8900
Cash in hand 15250
Drawings 6000
Closing stock 13400
Net profit 11550
Motor vans 10000
Electricity 8000
Bad debts 6700
Sun CO. Statement of Financial Position as of December 2022
Assets (₦)
Fixed Assets:Furniture 25,000
Motor Vans 10,000
Electricity 8,000
Total Fixed Assets: 43,000
Current Assets:Opening Stock 15,600
Closing Stock 13,400
Debtors 12,000
Cash in Hand 15,250
Total Current Assets: 56,250
Total Assets 99,250
Equity and Liabilities (₦)
Capital 30,000
Add: Net Profit 11,550
Total Capital 41,550
Current LiabilitiesCreditors 8,900
Bad Debts 6,700
Total Current Liabilities 15,600
Total Equity and Liabilities 99,250