Scribd Logo
Upload

Welcome to Scribd!

  • CJL Car Care Centre BS Lessons 2022

    Uploaded by

    Kerine Williams Figaro
    24 views3 pages
    The balance sheet for CJL Car Care Centre as of May 31, 2009 shows total assets of $968,700 consisting of $893,800 in fixed assets such as property, equipment, and vehicles and $113,800 in current assets like stock, debtors, cash, and bank. Total liabilities include $74,900 in current liabilities like creditors and $320,000 in long-term bank loans. Owner's equity of $648,700 is represented by the opening capital balance plus net profit for the year less any drawings taken.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The balance sheet for CJL Car Care Centre as of May 31, 2009 shows total assets of $968,700 consisting of $893,800 in fixed assets such as property, equipment, and vehicles and $113,800 in current assets like stock, debtors, cash, and bank. Total liabilities include $74,900 in current liabilities like creditors and $320,000 in long-term bank loans. Owner's equity of $648,700 is represented by the opening capital balance plus net profit for the year less any drawings taken.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    24 views3 pages

    CJL Car Care Centre BS Lessons 2022

    Uploaded by

    Kerine Williams Figaro
    The balance sheet for CJL Car Care Centre as of May 31, 2009 shows total assets of $968,700 consisting of $893,800 in fixed assets such as property, equipment, and vehicles and $113,800 in current assets like stock, debtors, cash, and bank. Total liabilities include $74,900 in current liabilities like creditors and $320,000 in long-term bank loans. Owner's equity of $648,700 is represented by the opening capital balance plus net profit for the year less any drawings taken.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    CJL Car Care Centre

    Balance Sheet as at 31 May, 2009


    $ $ $
    FIXED ASSETS
    Property 420 000
    Fixtures & Fittings 185 000
    Equipment 190 800
    Motor Vehicles 98 000
    Total Fixed Assets 893 800

    CURRENT ASSETS
    Stock (Closing) 56 800
    Debtors 45 000
    Bank 10 500
    Cash 1 500
    Total Current Assets 113 800

    Less: CURRENT LIABILTIES


    Creditors (38 900)
    Working Capital (CA-CL) 74 900
    968 700
    Less: LONG TERM LIABILITIES
    10-year Bank Loan (320 000)
    648 700

    Financed by:
    Opening Capital 629 852
    Add: Net Profit 33 848
    663 700
    Less: Drawings (15 000)
    Closing Capital 648 700
    CJL Car Care Centre
    Balance Sheet as at 31 May 2009
    $ $ $
    FIXED ASSETS

    Property 420 000

    Furniture & Fittings 185 000

    Equipment 190 800

    Motor Vehicle 98 000

    Total Fixed Assets 893 800

    CURRENT ASSETS

    Stock (closing) 56 800

    Debtors 45 000

    Bank 10 500

    Cash 1 500

    Total Current Assets 113 800

    Less: CURRENT LIABILITIES

    Creditors (38 900)

    WORKING CAPITAL (CA – CL) 74 900

    968 700

    Financed by:

    LONG TERM LIABILITIES

    10 yr bank loan 320 000

    Owner’s Equity

    Opening Capital 629 852

    Add: Net Profit 33 848

    663 700

    Less: Drawings (15 000)

    Closing Capital 648 700 968 700

    Notes to write:
    Balance Sheet = Statement of Financial Position (shows Accounting Equation)
    Horizontal Balance Sheet = Accounting Equation = Assets = Capital + Liabilities
    Vertical Balance Sheet = Capital = Assets – Liabilities

    You might also like