Assignment 2 Timed Worksheets PDF

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Download Assignment 2 Timed Worksheets PDF

Description

Worksheet Ben’s Bakery Shop Assets =

Liability + Owners Equity

Current Assets

Opening balance

Non-current Assets

Bank

Accounts Receivable

Stock

Fittings and fixtures

9000

6000

10000

20000

Chec k

Account Deprecation

Notes

Current Liabilities

Non-current Liabilities

Owners’ Equity

Accounts payable

Accrued expenses

Loan

Capital

4000

1500

12500

20000

Check

Retained earnings

7000

Transactions Credit purchases of stock Cost of stock Cash sales

25000 -27000

Paid accounts payable Collections from accounts receivable Paid interest on loan Repaid loan principle Owners drawings Depreciatio n of fittings and fixtures

Closing Balance

-27000 22000 31000 -10000

22000

Credit sales Paid wages

25000

31000 -10000 -26000 25000

-26000 -25000

-750

-750

-4500

-4500

-3000

`

-3000

-2000

11750

Assets

12000

8000

20000

-2000

-2000

49750

3000

=

Liabilities

1500

8000

12500

+

17000

20250

Owners’

37250

`

equity

Ben’s Bakery Shop Profit or loss statement for the year ended 31 December 2019 Sales Less cost of sales Gross profit

$ 53000 27000 26000

Less other expenses Wages Interest Depreciation Accrued Expenses

10000 750 2000 1500

Net profit

11750

Ben’s Bakery Shop Balance sheet to show financial position as at 31 December 2019 $ Current assets Bank Accounts receivable Stock Total current assets

11750 12000 8000 31750

Non-current assets Fittings and fixtures Depreciation Total non-current assets Total assets

20000 2000 18000 49750

Current liabilities Accounts payable Accrued expenses Total current liabilities Non-current liabilities Loan Total non-current liabilities Total liabilities

3000 1500 4500 8000 8000 12500

Owners’ equity Capital Retained earnings Less owner drawings Total owners’ equity

17000 20250 (3000) 37250

Total liabilities + owners’ equity

49750...