(1)
Bobbyboy Company | ||
Balance sheet | ||
as on 31 May 20X6 | ||
Particular | Amount | Amount |
Assets: | ||
property pland and equipment | 18 | |
investment | 16.1 | |
Total Non current assets | 34.1 | |
receivables | 0.2 | |
cash | 2.5 | |
other assets | 5 | |
total current assets | 7.7 | |
Total Assets | 41.8 | |
Liability and shareholder equity | ||
Liabilities | ||
Long term liabilities | 2.3 | |
current liability | 6 | |
Total Liability | 8.3 | |
Shareholder equity: | ||
Share capital | 15.9 | |
retained earning | x | 15.9+x |
Liability and shareholder equity | 24.2+x |
Accounting equation is assets = liabilities and shareholder equity
41.8=24.2+x
x= 41.8-24.2 which is 17.6
hence closing balance of retained earning is 17.6.
Hence the balance sheet is
Bobbyboy Company | ||
Balance sheet | ||
as on 31 May 20X6 | ||
Particular | Amount | Amount |
Assets: | ||
property pland and equipment | 18 | |
investment | 16.1 | |
Total Non current assets | 34.1 | |
receivables | 0.2 | |
cash | 2.5 | |
other assets | 5 | |
total current assets | 7.7 | |
Total Assets | 41.8 | |
Liability and shareholder equity | ||
Liabilities | ||
Long term liabilities | 2.3 | |
current liability | 6 | |
Total Liability | 8.3 | |
Shareholder equity: | ||
Share capital | 15.9 | |
retained earning | 17.6 | 33.5 |
Liability and shareholder equity | 41.8 |
(1.)
Income statement | ||
as on 31 May 20X6 | ||
Particular | Amount | Amount |
Total revenue | 34 | |
salary and other employee expense | 15.5 | |
Interest expense | 0.2 | |
other expense | 6.8 | |
total expenses | 22.5 | |
net profit | 11.5 |
(2)
Statement of change in equity | ||
as on 31 May 20X6 | ||
Particular | Amount | Amount |
Share capital | 15.9 | |
openng balance of retained earning | 9.3 | |
add net profit | 11.5 | |
less dividend paid | 3.2 | |
closing balance of share capital | 33.5 |
LO 34 E1-33B. (Learning Objectives 3, 4: Using the accounting equation; preparing a Balance Sheet) Amounts...
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