Please prepare the general format of the balance sheet (without numbers).Please make sure you list out the major categories and the common accountsunder each category.Bonus(ISOS42038banl pribli

Answered: pare the general format of the balance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please prepare the general format of the balance sheet (without numbers).
Please make sure you list out the major categories and the common accounts
under each category.
Bonus
(ISOS
42038
banl pribli

Expert Solution

Step 1

ANSWER:-

BALANCE SHEET

LIABILITIES	AMOUNT	ASSETS	AMOUNT
Capital:		Fixed Assets:
Opening balance		Good will
Add:- net profit		Land
Less:- net loss		Building
Less:- drawings		Plant and machinery
		Furniture and fixtures
Long Term Liabilities:		Machinery
Bonds payable
Loan		Investments:
Deferred tax liabilities		Bonds
Lease payment		Debentures
		Shares
Current Liabilities:		Immovable properties
Income received in advance
Sundry Creditors		Current Assets:
Outstanding expenses		Closing stock
Bills payable		Cash in hand
Bank overdraft		Cash at bank
		Bills receivable
		Accrued income
		Prepaid expenses
		Sundry debtors

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