Chapter 2 - Balance Sheets Task D

1. VCE ACCOUNTING
UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS
CHAPTER 2 – BALANCE SHEETS
Page | 1
Name
Chapter 2 – Task D
The following Balance Sheet has been provided by the owner of a small business as at 30 June 2015.
Balance Sheet as at 30 June 2015
$ $ $ $
Current Assets Current Liabilities
GST refund 1500 Bank overdraft 1000
Debtors 2300 Creditors 5900 6900
Stock 19400 23200 Non‐Current Liabilities
Loan – XYZ Bank 29000
Non‐Current Assets
Shop fittings 6800 Owner’s Equity
Vehicles 32000 38800 Capital 26100
TOTAL ASSETS 62000 TOTAL ASSETS 62000
During the month of July 2015, the following transactions occurred:
 Stock was purchased for $1760 (including GST) with cash
 Monthly expenses were wages $3200, insurance $900 (plus GST) and electricity $385
(including GST) all of which were paid in full
 The owner contributed $4000 cash as a capital contribution
 Cash sales for the period were $9500 (plus GST) with cost of sales being $4750
 Credit sales were $5200 (plus GST) with cost of sales being $2600
 Creditors were repaid $2000
 Cash collected from debtors was $1200
 Additional shop fittings were purchased for $1300 plus $130 GST and put on credit with
payment due next month

2. VCE ACCOUNTING
UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS
CHAPTER 2 – BALANCE SHEETS
Page | 2
Prepare a Classified Balance Sheet for the business as at 31 July 2015.
Balance Sheet as at 31 July 2015
$ $ $ $
15 marks
Total /15 marks