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Case 2-1

Maynard Company (A)


Cash

Open
B/Sht

A/Rec.

34,983
34,983

Building

21,798
21,798

585,000
585,000

Dep. on
building

Equipment

(156,000)
(156,000)

13,260
13,260

Total Assets =

Close
B/Sht

66,660
66,660

26,505
26,505

585,000
585,000

Dep. on
equipment
(5,304)
(5,304)

Land

89,700
89,700

638,538

(157,950)
(157,950)

36,660
36,660

Total Assets =

(5,928)
(5,928)

89,700
89,700

681,888

Maynard Company
Balance Sheet as at 1st June 200X
Cost
Non-Current Assets:
Land
Building
Equipment
Others
Current Assets:
Inventory & supplies
A/c Receivable
Note received - Maynard
Prepaid Insurance
Cash
Less: Current Liabilities
A/c Payable
Accruals
Tax payable
Net Current Assets

Acc Dep.

89,700
585,000
13,260
4,857

(156,000)
(5,304)
-

$
89,700
429,000
7,956
4,857
531,513

35,394
21,798
11,700
3,150
34,983
107,025
8,517
1,974
5,700
16,191
90,834

622,347
Financed By:
Capital
Retained Earnings
Total shareholder's fund
Non-Current Liabilities
Bank Notes
Other Non-current Liabilities

390,000
221,511
611,511
8,385
2,451
622,347

Inventory Note
rec.
29,835
29,835

Non Curr. Prepaid Supplies


Assets
Ins.

11,700
11,700

4,857
4,857

3,150
3,150

5,559
5,559

Capital

390,000
390,000

Ret.
Earnings
221,511
221,511

A/Pay.

8,517
8,517

Total Equity & liabilities =


26,520
26,520

0
0

5,265
5,265

2,826
2,826

6,630
6,630

390,000
390,000

229,446
229,446

21,315
21,315

Total Equity & liabilities =

Maynard Company
Balance Sheet as at 30th June 200X
Cost
Non-Current Assets:
Land
Building
Equipment
Others
Current Assets:
Inventory & supplies
A/c Receivable
Note received - Maynard
Prepaid Insurance
Cash
Less: Current Liabilities
A/c Payable
Accruals
Tax payable
Net Current Assets

89,700
585,000
36,660
5,265

33,150
26,505
0
2,826
66,660
129,141
21,315
2,202
7,224
30,741

Financed By:
Capital
Retained Earnings
Total shareholder's fund
Non-Current Liabilities
Bank Notes
Other Non-current Liabilities

Accured
wages
1,974
1,974

Bank
Note
8,385
8,385

otal Equity & liabilities =

Non Curr. Tax


Liab.
payable
2,451
2,451

5,700
5,700

638,538
2,202
2,202

29,250
29,250

otal Equity & liabilities =

Acc Dep.

2,451
2,451

681,888

89,700
(157,950) 427,050
5,928
42,588
5,265
564,603

98,400

7,224
7,224

663,003

390,000
229,446
619,446
29,250
2,451
651,147