Acc week 5 b

Flowchart of Accounting Records Source Documents Journals Trading, Profit & Loss Acc Balance Sheet Ledgers Trial Balance

The Balance Sheet is prepared to show the financial position of the business with respect to its assets, liabilities and owner’s equity at that date.

Assets ,[object Object],[object Object],[object Object]

Liabilities ,[object Object],[object Object],[object Object]

Owner’s Equity ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Owner’s Equity

Preparation of the Balance Sheet ,[object Object],Trial Balance as at 31 December 2002 Dr (RM) Cr (RM) Capital, 1 January 2002 16,800 Drawings 260 Motor Vehicle 22,000 Fixture and Fittings 7,000 Stock, 31 December 2002 1,550 Creditors 5,750 Bank loan 8,000 Debtors 1,800 Cash at bank 2,500 Cash in hand 600 Profit and Loss Account 5,160

Balance Sheet as at 31 December 2002 RM RM RM RM Fixed Assets : Owner’s Equity : Motor Vehicle 22,000 Capital, 1 Jan 16,800 Fixture & Fittings 7,000 29,000 Add Net Profit 5,160 21,960 Current Assets : Less Drawings 260 Stock 1,550 Capital, 31 Dec 21,700 Debtors 1,800 Cash at bank 2,500 Long-term Liability Cash in hand 600 6,450 Bank loan 8,000 Current Liability : Creditors 5,750 35,450 35,450

Balance Sheet ,[object Object],[object Object],[object Object]

Lecture Exercise ,[object Object],(Balance $24,090) Capital, 1 July 2001 RM12,500 Net profit 4,680 Drawings 690 Cash in hand 500 Cash at bank 4,800 Debtors 3,660 Creditors 7,600 Stock in hand 1,960 Equipment 4,380 Motor vehicle 8,790

[object Object],[object Object],RM RM Fixed Assets : Owner’s Equity : Equipment Motor vehicle 4,380 8,790 Beginning Capital 12,500 Add: Net Profit 4,680 Current Assets : 17,180 Stock, 31 Dec 1,960 Less: Drawings 690 debtors 3,660 Ending Capital 16,490 Cash at bank 4,800 Cash in hand 500 Current Liabilities : creditors 7,600 24,090 24,090

Lecture Exercise ,[object Object],(OE $59,920 BS $149,150) Freehold premises RM100,000 Creditors 12,860 Debtors 15,000 Bank overdraft 10,370 Tools and equipment 26,000 Loan from Asia Bank 66,000 Stock of unsold goods 8,000 Cash in hand 150

Balance Sheet as at 31 December 2002 RM RM Fixed Assets Owner’s Equity : 59,920 Free hold premises 100,000 Tools &equip 26,000 Long term liabilities Loan from Asia Bank 66,000 Current Assets : Stock 8,000 Current Liabilities : Debtors 15,000 Trade creditors 12,860 Cash in hand 150 Bank overdraft 10,370 149,150 149,150

Comprehensive Exercise ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Comprehensive Exercise (cont’...) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Acc week 5 b

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Acc week 5 b