Preparation of Balance Sheet - SS1 Accounting Past Questions and Answers - page 1
From the balances below, prepare a balance sheet or statement of financial position for Sun CO. as at December 2022:
₦
Buildings 200000
Opening stock 50000
Capital 300000
Debtors 120000
Creditors 80000
Cash in hand 25000
Drawings 20000
Closing stock 60000
Net profit 40000
Machinery 120000
Insurance 15000
Rent 1200
Bad debts 5000
Balance Sheet As of December 31, 2022
₦
Assets
Fixed Assets:Buildings 200,000
Machinery 120,000
Insurance 15,000
Total Fixed Assets 335,000
Current Assets:Opening Stock 50,000
Debtors 120,000
Cash in hand 25,000
Closing Stock 60,000
Total Current Assets 255,000
Total Assets 590,000
Equity and Liabilities ₦
Capital 300,000
Add: Net Profit 40,000
Total Equity 340,000
Current Liabilities:Creditors 80,000
Drawings 20,000
Rent 12,000
Bad debts 5,000
Total Current Liabilities 117,000
Total Equity and Liabilities 590,000