Question Bank Frank Wood S Introduction to Accounting
Chapter 8Financial Statements for Sole Proprietorships (II)
SHORT QUESTIONS
B2C08T2Q001eng
The following are the account balances of Betty Lam’s business as at 31 December 2008. Draw up a balance sheet as at that date. (9 marks)
$Capital as at 1 January 2008 / 78,070
Furniture / 46,500
Accounts receivable / 20,900
Accounts payable / 7,830
Bank / 39,300
Drawings / 14,200
Inventory at 31 December 2008 / 24,000
Net profit for the year / 59,000
Answer:
(Horizontal style)
Betty Lam
Balance Sheet as at 31 December 20081
$ / $ / $Non-current assets / Capital
Furniture / 46,500 / Balance as at 1 January 2008 / 78,070 / 1, 1
Add / Net profit for the year / 59,000 / 1
Current assets / 137,070
Inventory / 24,000 / Less / Drawings / (14,200) / 1, 1
Accounts receivable / 20,900 / 122,870 / 1
Bank / 39,300 / 84,200 / Current liabilities / 1
Accounts payable / 7,830 / 1
130,700 / 130,700
(Vertical style)
Betty Lam
Balance Sheet as at 31 December 20080.5
$ / $Non-current assets
Furniture / 46,500 / 1
Current assets
Inventory / 24,000 / 1
Accounts receivable / 20,900 / 1
Bank / 39,300 / 1
84,200
Less / Current liabilities
Accounts payable / (7,830) / 1
Net current assets / 76,370 / 0.5
122,870
Financed by:
Capital
Balance as at 1 January 2008 / 78,070 / 1
Add / Net profit for the year / 59,000 / 1
137,070
Less / Drawings / (14,200) / 1
122,870
B2C08T2Q002eng
The following are the account balances of Thomas Man’s business as at 31 July 2009. Draw up a balance sheet as at that date. (9 marks)
$Accounts payable / 4,240
Accounts receivable / 11,350
Bank / 21,314
Capital as at 1 August 2008 / 72,843
Drawings / 7,680
Inventory as at 31 July 2009 / 12,975
Net profit for the year / 3,206
Office equipment / 26,970
Answer:
(Horizontal style)
Thomas Man
Balance Sheet as at 31 July 20091
$ / $ / $Non-current assets / Capital
Office equipment / 26,970 / Balance as at 1 August 2008 / 72,843 / 1, 1
Add / Net profit for the year / 3,206 / 1
Current assets / 76,049
Inventory / 12,975 / Less / Drawings / (7,680) / 1, 1
Accounts receivable / 11,350 / 68,369 / 1
Bank / 21,314 / 45,639 / Current liabilities / 1
Accounts payable / 4,240 / 1
72,609 / 72,609
(Vertical style)
Thomas Man
Balance Sheet as at 31 July 2009 0.5
$ / $Non-current assets
Office equipment / 26,970 / 1
Current assets
Inventory / 12,975 / 1
Accounts receivable / 11,350 / 1
Bank / 21,314 / 1
45,639
Less / Current liabilities
Accounts payable / (4,240) / 1
Net current assets / 41,399 / 0.5
68,369
Financed by:
Capital
Balance as at 1 August 2008 / 72,843 / 1
Add / Net profit for the year / 3,206 / 1
76,049
Less / Drawings / (7,680) / 1
68,369
B2C08T2Q003eng
The following are the account balances of Alex Chan’s business as at 31 October 2009. Draw up a balance sheet as at that date.
$Capital as at 1 November 2008 / ?
Motor vehicle / 30,255
Accounts receivable / 12,730
Accounts payable / 7,460
Bank / 23,900
Drawings / 8,614
Inventory as at 31 October 2009 / 14,555
Net profit for the year / 35,990
Office equipment / 62,430
Answer:
(Horizontal style)
Alex Chan
Balance Sheet as at 31 October 2009
$ / $ / $Non-current assets / Capital
Officeequipment / 62,430 / Balance as at 1 November 2008 / 109,034
Motor vehicle / 30,255 / 92,685 / Add Net profit for the year / 35,990
145,024
Current assets / Less Drawings / (8,614)
Inventory / 14,555 / 136,410
Accounts receivable / 12,730
Bank / 23,900 / 51,185 / Current liabilities
Accounts payable / 7,460
143,870 / 143,870
(Vertical style)
Alex Chan
Balance Sheet as at 31 October 2009
$ / $Non-current assets
Office equipment / 62,430
Motor vehicle / 30,255 / 92,685
Current assets
Inventory / 14,555
Accounts receivable / 12,730
Bank / 23,900
51,185
Less Current liabilities
Accounts payable / (7,460)
Net current assets / 43,725
136,410
Financed by:
Capital
Balance as at 1 November 2008 / 109,034
Add Net profit for the year / 35,990
145,024
Less Drawings / (8,614)
136,410
B2C08T2Q004eng
Paul Lau trades as a stationery wholesaler. The following trial balance was extracted from his ledgers on 31 March 2010:
Dr / Cr$ / $
Rent and rates / 68,800
Purchases and sales / 936,600 / 1,794,000
Office furniture / 119,700
Inventory as at 1 April 2009 / 213,900
Carriage inwards / 14,000
Accounts receivable and accounts payable / 547,600 / 203,400
Bank / 155,600
Capital as at 1 April 2009 / 891,800
Delivery van / 134,600
Discounts / 43,300 / 10,900
Returns / 31,400 / 10,000
Sundry expenses / 16,400
Wages and salaries / 320,200
Van running expenses / 55,300
Drawings / 248,300
Cash / 4,400
2,910,100 / 2,910,100
Inventory as at 31 March 2010 was valued at $185,000.
Required:
Draw up an income statement for the year ended 31 March 2010 and a balance sheet as at that date. (25 marks)
Answer:
Paul LauIncome Statement for the year ended 31 March 2010
$ / $ / $
Sales / 1,794,000
Less Returns inwards / (31,400)
1,762,600
Less Cost of goods sold:
Opening inventory / 213,900
AddPurchases / 936,600
Carriage inwards / 14,000
950,600
LessReturns outwards / (10,000) / 940,600
1,154,500
LessClosing inventory / (185,000) / (969,500)
Gross profit / 793,100
Add Other revenues:
Discounts received / 10,900
804,000
Less Expenses:
Rent and rates / 68,800
Discounts allowed / 43,300
Sundry expenses / 16,400
Wages and salaries / 320,200
Van running expenses / 55,300 / (504,000)
Net profit / 300,000
Paul Lau
Balance Sheet as at 31 March 2010
$ / $
Non-current assets
Office furniture / 119,700
Delivery van / 134,600 / 254,300
Current assets
Inventory / 185,000
Accounts receivable / 547,600
Bank / 155,600
Cash / 4,400
892,600
LessCurrent liabilities
Accounts payable / (203,400)
Net current assets / 689,200
943,500
Financed by:
Capital
Balance as at 1 April 2009 / 891,800
AddNet profit for the year / 300,000
1,191,800
LessDrawings / (248,300)
943,500
B2C08T2Q005eng
Candy Cho is a sole trader. The following trial balance was extracted from her books on
31 March 2009:
Dr / Cr$ / $
Accounts receivable and accounts payable / 575,020 / 294,090
Capital / 374,370
Carriage inwards / 3,000
Carriage outwards / 3,420
Cash at bank / 100,950
Cash in hand / 17,300
Discounts allowed / 28,530
Discounts received / 37,310
Drawings / 52,670
Electricity / 8,770
Fixtures and fittings / 10,970
Inventory as at 1 April 2008 / 256,780
Loan: Bill Chan (repayable in 2011) / 131,680
Purchases / 862,530
Rates / 13,160
Rent / 24,140
Repairs and maintenance / 6,580
Returns outwards / 13,160
Salaries / 32,920
Sales / 1,146,130
1,996,740 / 1,996,740
Inventory as at 31 March 2009 was valued at $10,000.
Required:
Draw up an income statement for the year ended 31 March 2009 and a balance sheet as at that date (horizontal style). (26 marks)
Answer:
Candy Cho
Income Statement for the year ended 31 March 20090.5
$ / $ / $Opening inventory / 256,780 / Sales / 1,146,130 / 1, 1
AddPurchases / 862,530 / 1
Carriage inwards / 3,000 / 1
865,530
LessReturns outwards / (13,160) / 852,370 / 1
1,109,150
LessClosing inventory / (10,000) / 1
Cost of goods sold / 1,099,150
Gross profit c/d / 46,980 / 0.5
1,146,130 / 1,146,130
Carriage outwards / 3,420 / Gross profit b/d / 46,980 / 1, 0.5
Discounts allowed / 28,530 / Discounts received / 37,310 / 1, 1
Electricity / 8,770 / Net loss / 33,230 / 1, 0.5
Rates / 13,160 / 1
Rent / 24,140 / 1
Repairs and maintenance / 6,580 / 1
Salaries / 32,920 / 1
117,520 / 117,520
Candy Cho
Balance Sheet as at 31 March 20090.5
$ / $ / $ / $Non-current assets / Capital
Fixtures and fittings / 10,970 / Balance as at 1 April 2008 / 374,370 / 1, 1
Less / Net loss for the year / 33,230 / 0.5
Current assets / Drawings / 52,670 / (85,900) / 1
Inventory / 10,000 / 288,470 / 1
Accounts receivable / 575,020 / 1
Bank / 100,950 / Non-current liabilities / 1
Cash / 17,300 / 703,270 / Loan: Bill Chan / 131,680 / 1, 1
Current liabilities
Accounts payable / 294,090 / 1
714,240 / 714,240
B2C08T2Q006eng
Michael Lee, a sole proprietor, extracted the following trial balance from his books on
30 April 2010:
Dr / Cr$ / $
Accounts payable / 17,280
Accounts receivable / 12,820
Advertising / 9,840
Bank overdraft / 6,200
Capital / 475,470
Carriage inwards / 2,820
Carriage outwards / 2,090
Motor car / 35,700
Drawings / 102,960
Water and electricity / 10,690
Insurance / 7,850
Overdraft interest / 280
Inventory as at 1 May 2009 / 39,790
Premises / 318,760
Purchases / 435,170
Rent revenue / 20,660
Motor expenses / 11,850
Returns outwards / 9,970
Sales / 565,950
Telephone and internet expenses / 3,410
Returns inwards / 1,500
Office equipment / 100,000
1,095,530 / 1,095,530
Inventory as at 30 April 2010 was valued at $37,190.
Required:
Draw up an income statement for the year ended 30 April 2010 and a balance sheet as at that date (vertical style). (27 marks)
Answer:
Michael Lee
Income Statement for the year ended 30 April 20100.5
$ / $ / $Sales / 565,950 / 1
Less / Returns inwards / (1,500) / 1
564,450
Less / Cost of goods sold:
Opening inventory / 39,790 / 1
Add Purchases / 435,170 / 1
Carriage inwards / 2,820 / 1
437,990
LessReturns outwards / (9,970) / 428,020 / 1
467,810
LessClosing inventory / (37,190) / (430,620) / 1
Gross profit / 133,830 / 1
Add / Other revenues:
Rent revenue / 20,660 / 1
154,490
Less / Expenses:
Advertising / 9,840 / 1
Carriage outwards / 2,090 / 1
Water and electricity / 10,690 / 1
Insurance / 7,850 / 1
Overdraft interest / 280 / 1
Motor expenses / 11,850 / 1
Telephone and internet expenses / 3,410 / (46,010) / 1
Net profit / 108,480 / 0.5
Michael Lee
Balance Sheet as at 30 April 20100.5
$ / $ / $Non-current assets
Premises / 318,760 / 1
Office equipment / 100,000 / 1
Motor car / 35,700 / 454,460 / 1
Current assets
Inventory / 37,190 / 1
Accounts receivable / 12,820 / 1
50,010
Less / Current liabilities
Accounts payable / 17,280 / 1
Bank overdraft / 6,200 / (23,480) / 1
Net current assets / 26,530 / 0.5
480,990
Financed by:
Capital
Balance as at 1 May 2009 / 475,470 / 1
Add / Net profit for the year / 108,480 / 0.5
583,950
Less / Drawings / (102,960) / 0.5
480,990
B2C08T2Q007eng
The following is a summary of Helen Wong’s bank account for the year ended
30 April 2008.
Bank
$ / $Balance b/f / 311,911 / Accounts payable / 499,352
Accounts receivable / 530,417 / Salaries / 67,168
Rent revenue / 30,785 / Telephone expenses / 2,693
Bank interest revenue / 7,696 / Rent / 9,235
Carriage outwards / 19,240
Lighting and water charges / 12,908
Drawings / 17,071
Balance c/f / 253,142
880,809 / 880,809
Additional information was available on 30 April 2008:
$Sales / 855,619
Purchases / 463,249
Returns inwards / 6,436
Office equipment / 9,725
Accounts receivable / 741,646
Accounts payable / 32,744
Cash / 37,082
Capital as at 1 May 2007 / 734,650
Inventory as at 1 May 2007 / 21,899
Inventory as at 30April 2008 / 31,974
Required:
Prepare for Helen Wong an income statement for the year ended 30 April 2008 and a balance sheet as atthat date.(23 marks)
Answer:
(Horizontal style)
Helen Wong
Income Statement for the year ended 30 April 20080.5
$ / $ / $Opening inventory / 21,899 / Sales / 855,619 / 1, 1
AddPurchases / 463,249 / LessReturns inwards / (6,436) / 849,183 / 1, 1
485,148
LessClosing inventory / (31,974) / 1
Cost of goods sold / 453,174
Gross profit c/d / 396,009 / 0.5
849,183 / 849,183
Salaries / 67,168 / Gross profit b/d / 396,009 / 1, 0.5
Telephone expenses / 2,693 / Rent revenue / 30,785 / 1, 1
Rent / 9,235 / Bank interest revenue / 7,696 / 1, 1
Carriage outwards / 19,240 / 1
Lighting and water charges / 12,908 / 1
Net profit / 323,246 / 0.5
434,490 / 434,490
Helen Wong
Balance Sheet as at 30 April 20080.5
$ / $ / $Non-current assets / Capital
Office equipment / 9,725 / Balance as at 1 May 2007 / 734,650 / 1, 1
AddNet profit for the year / 323,246 / 0.5
Current assets / 1,057,896
Inventory / 31,974 / LessDrawings / (17,071) / 1, 1
Accounts receivable / 741,646 / 1,040,825 / 1
Bank / 253,142 / 1
Cash / 37,082 / 1,063,844 / Current liabilities / 1
Accounts payable / 32,744 / 1
1,073,569 / 1,073,569
(Vertical style)
Helen Wong
Income Statement for the year ended 30 April 20080.5
$ / $ / $Sales / 855,619 / 1
LessReturns inwards / (6,436) / 1
849,183
LessCost of goods sold:
Opening inventory / 21,899 / 1
AddPurchases / 463,249 / 1
LessClosing inventory / (31,974) / 431,275 / (453,174) / 1
Gross profit / 396,009 / 1
AddOther revenues:
Rent revenue / 30,785 / 1
Bank interest revenue / 7,696 / 38,481 / 1
434,490
LessExpenses:
Salaries / 67,168 / 1
Telephone expenses / 2,693 / 1
Rent / 9,235 / 1
Carriage outwards / 19,240 / 1
Lighting and water charges / 12,908 / (111,244) / 1
Net profit / 323,246 / 0.5
Helen Wong
Balance Sheet as at 30 April 20080.5
$ / $Non-current assets
Office equipment / 9,725 / 1
Current assets
Inventory / 31,974 / 1
Accounts receivable / 741,646 / 1
Bank / 253,142 / 1
Cash / 37,082 / 1
1,063,844
LessCurrent liabilities
Accounts payable / (32,744) / 1
Net current assets / 1,031,100 / 0.5
1,040,825
Financed by:
Capital
Balance as at 1 May 2007 / 734,650 / 1
AddNet profit for the year / 323,246 / 0.5
1,057,896
LessDrawings / (17,071) / 0.5
1,040,825
B2C08T2Q008eng
The trial balance of Chris Chan’s business as at 15 October 2009 is shown below:
Chris Chan
Trial Balance as at 15 October 2009
Dr / Cr$ / $
Accounts payable / 10,290
Accounts receivable / 33,020
Bank overdraft / 9,530
Capital / 68,770
Cash in hand / 370
Discounts allowed / 3,440
Discounts received / 1,860
Carriage inwards / 2,820
Drawings / 5,300
Furniture and fixtures / 41,850
Inventory as at 1 November 2008 / 2,510
Purchases / 35,340
Sales / 60,410
Water and electricity / 930
Wages and salaries / 25,280
150,860 / 150,860
During the rest of October 2009, the following transactions took place:
2009Oct / 16 / Received $10,000 cash from a trade debtor.
" / 18 / Chris took goods costing $3,000 for private use.
" / 20 / Made credit purchases of goods of $12,500.
" / 22 / Made credit sales of goods of $27,100.
" / 24 / Paid $4,000 by cheque to settle the amount owing to a trade creditor.
" / 28 / Paid salaries of $8,000 in cash.
" / 30 / Banked cash of $1,700.
Inventory as at 31 October 2009 was valued at $3,170.
Required:
(a)Draw up a trial balance as at 31 October 2009.(13 marks)
(b)Prepare for Chris Chan an income statement for the year ended 31 October 2009 and a balance sheet as at that date. (11 marks)
Answer:
(a)
Chris ChanTrial Balance as at 31 October 2009
Dr / Cr
$ / $
Accounts payable ($10,290 + $12,500 – $4,000) / 18,790
Accounts receivable ($33,020 + $27,100 – $10,000) / 50,120
Bank overdraft ($9,530 – $1,700 + $4,000) / 11,830
Capital / 68,770
Cash in hand ($370 + $10,000 – $8,000 – $1,700) / 670
Discounts allowed / 3,440
Discounts received / 1,860
Carriage inwards / 2,820
Drawings ($5,300 + $3,000) / 8,300
Furniture and fixtures / 41,850
Inventory as at 1 November 2008 / 2,510
Purchases ($35,340 + $12,500 – $3,000) / 44,840
Sales ($60,410 + $27,100) / 87,510
Water and electricity / 930
Wages and salaries ($25,280 + $8,000) / 33,280
188,760 / 188,760
(b)
Chris ChanIncome Statement for the year ended 31 October 2009
$ / $ / $
Sales / 87,510
LessCost of goods sold:
Opening inventory / 2,510
AddPurchases / 44,840
Carriage inwards / 2,820
47,660
LessClosing inventory / (3,170) / 44,490 / (47,000)
Gross profit / 40,510
AddOther revenues:
Discounts received / 1,860
42,370
LessExpenses:
Discounts allowed / 3,440
Water and electricity / 930
Wages and salaries / 33,280 / (37,650)
Net profit / 4,720
Chris Chan
Balance Sheet as at 31 October 2009
$ / $ / $
Non-current assets
Furniture and fixtures / 41,850
Current assets
Inventory / 3,170
Accounts receivable / 50,120
Cash / 670
53,960
LessCurrent liabilities
Accounts payable / 18,790
Bank overdraft / 11,830 / (30,620)
Net current assets / 23,340
65,190
Financed by:
Capital
Balance as at 1 November 2008 / 68,770
AddNet profit for the year / 4,720
73,490
LessDrawings / (8,300)
65,190
B2C08T2Q009eng
The following is a summary of Johnny Wu’s bank account for the year ended 30 June 2010.
Bank
$ / $Accounts receivable / 472,000 / Balance b/f / 277,600
Bank interest received / 6,850 / Accounts payable / 444,400
Commission received / 27,390 / Carriage inwards / 17,123
Bank loan / 300,000 / Drawings / 15,190
Balance c/f / 29,945 / Water and electricity / 11,488
Rent and rates / 8,219
Wages / 59,770
Postage / 2,395
836,185 / 836,185
Additional information was available on 30 June 2010:
$Accounts payable / 28,487
Accounts receivable / 645,232
Capital as at 1 July 2009 / 639,146
Cash / 32,261
Inventory at 30 June 2010 / 27,810
Inventory as at 1 July 2009 / 19,050
Machinery / 184,600
Buildings / 379,060
Purchases / 405,123
Returns inwards / 5,599
Returns outwards / 500
Sales / 752,792
The bank loan was repayable in 2013.
Required:
Prepare for Johnny Wu an income statement for the year ended 30 June 2010 and a balance sheet as at that date (horizontal style). (26 marks)
Answer:
Johnny Wu
Income Statement for the year ended 30 June 20100.5
$ / $ / $ / $Opening inventory / 19,050 / Sales / 752,792 / 1, 1
AddPurchases / 405,123 / LessReturns inwards / (5,599) / 747,193 / 1, 1
Carriage inwards / 17,123 / 1
422,246
LessReturns outwards / (500) / 421,746 / 1
440,796
LessClosing inventory / (27,810) / 1
Cost of goods sold / 412,986
Gross profit c/d / 334,207 / 0.5
747,193 / 747,193
Water and electricity / 11,488 / Gross profit b/d / 334,207 / 1, 0.5
Rent and rates / 8,219 / Bank interest received / 6,850 / 1, 1
Wages / 59,770 / Commission received / 27,390 / 1, 1
Postage / 2,395 / 1
Net profit / 286,575 / 0.5
368,447 / 368,447
Johnny Wu
Balance Sheet as at 30 June 20100.5
$ / $ / $ / $Non-current assets / Capital
Buildings / 379,060 / Balance as at 1 July 2009 / 639,146 / 1, 1
Machinery / 184,600 / 563,660 / AddNet profit for the year / 286,575 / 1, 0.5
925,721
Current assets / LessDrawings / (15,190) / 1
Inventory / 27,810 / 910,531 / 1
Accounts receivable / 645,232 / Non-current liabilities / 1
Cash / 32,261 / 705,303 / Bank loan / 300,000 / 1, 1
Current liabilities
Accounts payable / 28,487 / 1
Bank overdraft / 29,945 / 58,432 / 1
1,268,963 / 1,268,963
B2C08T2Q010eng
The trial balance of Jacky Chan’s business at 12 October 2010 is shown below:
Trial Balance as at 12 October 2010
Dr / Cr$ / $
Accounts payable / 13,377
Accounts receivable / 39,624
Bank overdraft / 12,389
Capital / 74,315
Cash in hand / 444
Discounts allowed / 4,128
Discounts received / 2,418
Carriage inwards / 3,384
Drawings / 6,360
Premises / 50,220
Inventory as at 1 November 2009 / 3,012
Purchases / 42,408
Sales / 78,533
Rent and rates / 1,116
Wages and salaries / 30,336
181,032 / 181,032
During the rest of October 2010, the business completed the following transactions:
2010Oct / 14 / Received $5,000 cash from a trade debtor.
" / 15 / Jacky took $2,300 cash from the business for his private use.
" / 17 / Paid wages of $800 by cheque.
" / 19 / Made credit purchases of goods of $9,510.
" / 21 / Made cash sales of $13,881.
" / 24 / Paid $3,005 by cheque to settle the amount owing to a trade creditor.
" / 29 / Jacky took goods costing $1,000 for his private use.
" / 30 / Banked cash of $1,230.
Inventory as at 31 October 2010 was valued at $2,177.
Required:
(a)Draw up a trial balance as at 31 October 2010.(13 marks)
(b)Prepare for Jacky Chan an income statement for the year ended 31 October 2009 and a balance sheet as at that date (horizontal style). (20 marks)
Answer:
(a)Jacky Chan
Trial Balance as at 31 October 2010
Dr / Cr$ / $
Accounts payable ($13,377 + $9,510 $3,005) / 19,882
Accounts receivable ($39,624 $5,000) / 34,624
Bank overdraft ($12,389 + $800 + $3,005 $1,230) / 14,964
Capital as at 1 November 2009 / 74,315
Cash in hand ($444 + $5,000 $2,300 + $13,881 $1,230) / 15,795
Discounts allowed / 4,128
Discounts received / 2,418
Carriage inwards / 3,384
Drawings ($6,360 + $2,300 + $1,000) / 9,660
Premises / 50,220
Inventory as at 1 November 2009 / 3,012
Purchases ($42,408 + $9,510 $1,000) / 50,918
Sales ($78,533 + $13,881) / 92,414
Rent and rates / 1,116
Wages and salaries ($30,336 + $800) / 31,136
203,993 / 203,993
(b)
Jacky Chan
Income Statement for the year ended 31 October 20100.5
$ / $ / $Opening inventory / 3,012 / Sales / 92,414 / 1, 1
AddPurchases / 50,918 / 1
Carriage inwards / 3,384 / 54,302 / 1
57,314
LessClosing inventory / (2,177) / 1
Cost of goods sold / 55,137
Gross profit c/d / 37,277 / 0.5
92,414 / 92,414
Discounts allowed / 4,128 / Gross profit b/d / 37,277 / 1, 0.5
Rent and rates / 1,116 / Discounts received / 2,418 / 1, 1
Wages and salaries / 31,136 / 1
Net profit / 3,315 / 0.5
39,695 / 39,695
Jacky Chan
Balance Sheet as at 31 October 20100.5
$ / $ / $ / $Non-current assets / Capital
Premises / 50,220 / Balance as at 1 November 2009 / 74,315 / 1, 1
AddNet profit for the year / 3,315 / 0.5
Current assets / 77,630
Inventory / 2,177 / LessDrawings / (9,660) / 1, 1
Accounts receivable / 34,624 / 67,970 / 1
Cash / 15,795 / 52,596 / Current liabilities / 1
Accounts payable / 19,882 / 1
Bank overdraft / 14,964 / 34,846 / 1
102,816 / 102,816