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Task 2B - Classified Balance Sheets
1.
VCE ACCOUNTING UNIT 3
– RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 2 – BALANCE SHEETS © Michael Allison Author’s express permission required for external or professional use Page | 1 Name Student50 Task 2B Classified Balance Sheets The owner of Ray’s Radios, a small trading business selling a range of electrical equipment, has provided the following information as at 30 September 2015. The business applies the Conservatism Principle to the valuation of inventory. $ $ Cash at bank 1300 Debtors 1800 Tax bill owing 700 Fixtures and fittings 35000 Creditors 3800 Vehicles 80000 Stock 34500 Mortgage (due 2019) 80000 Loan – GUD Money 32000 Phone bill owing 200 Computer equipment 18400 Capital ????? Additional information: The loan from GUD Money is repayable at a rate of $500 per month The phone bill owing relates to the owner’s personal mobile phone bill for last month Some of the firm’s stock is outdated with total stock now having an estimated current market value of 31000 a) Define the following terms and give an example of each from the information provided. Current Assets Define Example 1 + 1 = 2 marks Non-Current Liabilities Define Example 1 + 1 = 2 marks
2.
VCE ACCOUNTING UNIT 3
– RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 2 – BALANCE SHEETS © Michael Allison Author’s express permission required for external or professional use Page | 2 b) With reference to a qualitative characteristic of accounting, explain why items are classified in the Balance Sheet. Explanation 3 marks c) Prepare a Classified Balance Sheet for the business as at 30 September 2015. Ray’s Radios: Balance Sheet as at 30 September 2015 $ $ $ $ 18 marks Total /25 marks
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