ACCOUNTING ASSIGNMENT

Prepare a balance sheet on a separate sheet for ABC Ltd as at 31st October 2022. Record each item in these FIVE categories in the Balance Sheet below:

Current Assets Current Liabilities Long Term Assets Long Term Liabilities Owner’s Equity

Trial Balance as at 31st October 2022

# Description Debit Amount ($) Credit Amount ($)

1 Cash 115,000

2 Accounts receivable 32,665

3 Inventory 5,800

4 Prepaid Insurance 8,700

5 Accounts payable 116,500

6 Salaries payable 26,300

7 Unearned revenue 17,900

8 Notes receivable (after 2 years) 36,900

9 Machinery & Equipment (M&E) 15,510

10 Accumulated depreciation – M&E 5,825

11 Notes payable (within one year) 42,000

12 Owner’s Capital 100,550

13 Patent & Trademark 11,500

14 Building 129,000

15 Accumulated depreciation – Building 43,000

16 Loan Payable (after two years) 9,000

17 Interest receivable (within one year) 6,000

TOTAL 361,075 361,075

ABC LTD.

BALANCE SHEET AS AT 31ST October 2022

ASSETS AMOUNT ($) LIABILITIES AMOUNT ($)

Current Assets Current Liabilities

Long Term Assets Long Term Liabilities

Owner’s Equity

TOTAL ASSETS TOTAL LIABILITIES & OWNER EQUITY