Chapter 2 - Balance Sheets Task D Solutions
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The classified balance sheet shows the business had current assets of $27,230 including cash, GST refund, debtors, and stock. Non-current assets included shop fittings valued at $8,100 and vehicles at $32,000. Current liabilities were creditors of $5,330 and a non-current liability was a loan of $29,000. Owner's equity was $33,000 in capital. The total assets equaled total equities of $67,330.
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Chapter 2 - Balance Sheets Task D Solutions
- 1. VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 2 – BALANCE SHEETS Page | 1 Student50 Chapter 2 – Task D Prepare a Classified Balance Sheet for the business as at 31 July 2015. Balance Sheet as at 31 July 2015 $ $ $ $ Current Assets Current Liabilities Cash at bank 6315 Creditors 5330 GST refund 445 Debtors 6820 Non‐Current Liabilities Stock 13650 27230 Loan 29000 Non‐Current Assets Owner’s Equity Shop fittings 8100 Capital 33000 Vehicles 32000 40100 TOTAL ASSETS 67330 TOTAL EQUITIES 67330 15 marks Marks: 2 marks = Cash at bank and Capital 1 mark = all other figures