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  • Balance Sheet As On Nov. 2, 2001 & On March 30

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    Abhishek Kumar
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    The balance sheet compares the assets and liabilities of a business on November 2, 2005 and March 30, 2006. On both dates, the largest asset was equipment valued at $53,200 on the earlier date and $50,755 after depreciation. Liabilities included $48,000 of owner capital and $21,000 of bank borrowings on the earlier date, which was reduced to $18,900 after a $2,100 payment. The business operated at a $10,854 loss for the period. Total assets and liabilities were equal on both dates at $69,000, showing the business maintained balance sheet equality over the months.

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    Closing BS

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    The balance sheet compares the assets and liabilities of a business on November 2, 2005 and March 30, 2006. On both dates, the largest asset was equipment valued at $53,200 on the earlier date and $50,755 after depreciation. Liabilities included $48,000 of owner capital and $21,000 of bank borrowings on the earlier date, which was reduced to $18,900 after a $2,100 payment. The business operated at a $10,854 loss for the period. Total assets and liabilities were equal on both dates at $69,000, showing the business maintained balance sheet equality over the months.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    Balance Sheet As On Nov. 2, 2001 & On March 30

    Uploaded by

    Abhishek Kumar
    The balance sheet compares the assets and liabilities of a business on November 2, 2005 and March 30, 2006. On both dates, the largest asset was equipment valued at $53,200 on the earlier date and $50,755 after depreciation. Liabilities included $48,000 of owner capital and $21,000 of bank borrowings on the earlier date, which was reduced to $18,900 after a $2,100 payment. The business operated at a $10,854 loss for the period. Total assets and liabilities were equal on both dates at $69,000, showing the business maintained balance sheet equality over the months.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    BALANCE SHEET AS ON NOV.

    2 ,2001 & ON MARCH 30


    LIABILITY OR NOV. 2, 2005 MARCH 30, 06 ASSETS OR NOV.2,2005 30MARCH
    SOURSES OF FUNDS APPLICATION OF FUNDS 2006
    CAPITAL EQUIPMENTS- 53200 50755
    Mr. ANTOINE 16000 CLOSING STOCK OF FOOD 2800 2430
    Mrs. ANTOINE 16000 CASH REGISTER 1400 1400
    Mrs. LANDERS 16000 48000 48 000 OPERATING LICENCES 1428 833
    .BANK BORROWINGS 21000 18900 (BALANCE UNUTILIZE)
    (21000-2100 PAID) (UNEXPIRED PORTION)
    .ACCOUNT PAYABLE OR - 1583
    CREDITORS
    .BANK 10172 1030
    DEBTORS OR A/R - 870
    .CASH BALANCE - 311
    .BUSINESS LOSS - 10854
    TOTAL 69000 68483 69000 68483
    ( 53200-2445)
    = 50755
    (69000- 53200+2800+1400+1428)
    1341

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