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Task 2A - Balance Sheets (Basic) Solutions
This document contains 7 sample balance sheets for Terry's Cleaning Service for September 1-7, 2018. Each balance sheet shows the business's assets, liabilities, and owner's equity on a given date. The assets include cash, cleaning equipment, and office furniture. Liabilities include accounts payable and a loan from ELC Finance Co. The owner's equity represents the owner's initial capital investment and retained earnings. Each balance sheet balances by the accounting equation that assets must equal liabilities plus owner's equity.
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Task 2A - Balance Sheets (Basic) Solutions
- 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 Student 50 Task 2A Balance Sheets (Basic) Sep 1 Terry’s Cleaning Service: Balance Sheet as at 1 September 2018 $ $ Assets Liabilities Cash 9000 Accounts payable 1600 Cleaning equipment 2000 ELC Finance Co. 5000 Office furniture 1500 Owner’s Equity Capital 9000 TOTAL 9000 TOTAL 9000 Assets = Liabilities + Owner’s Equity 9000 = 0 + 9000 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 Sep 2 Terry’s Cleaning Service: Balance Sheet as at 2 September 2018 $ $ Assets Liabilities Cash 7000 Cleaning equipment 2000 Owner’s Equity Capital 9000 TOTAL 9000 TOTAL 9000 Assets = Liabilities + Owner’s Equity 9000 = 0 + 9000 2 + 1 = 3 marks Sep 3 Terry’s Cleaning Service: Balance Sheet as at 3 September 2018 $ $ Assets Liabilities Cash 7000 Accounts payable 1700 Cleaning equipment 2000 Office furniture 1700 Owner’s Equity Capital 9000 TOTAL 10700 TOTAL 10700 Assets = Liabilities + Owner’s Equity 10700 = 1700 + 9000 2 + 1 = 3 marks
- 3. 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 | 3 Sep 4 Terry’s Cleaning Service: Balance Sheet as at 4 September 2018 $ $ Assets Liabilities Cash 12000 Accounts payable 1700 Cleaning equipment 2000 Loan – ELC Finance Co. 5000 Office furniture 1700 Owner’s Equity Capital 9000 TOTAL 15700 TOTAL 15700 Assets = Liabilities + Owner’s Equity 15700 = 6700 + 9000 2 + 1 = 3 marks Sep 5 Terry’s Cleaning Service: Balance Sheet as at 5 September 2018 $ $ Assets Liabilities Cash 11200 Accounts payable 1700 Cleaning equipment 2000 Loan – ELC Finance Co. 5000 Office furniture 1700 Owner’s Equity Capital 8200 TOTAL 14900 TOTAL 14900 Assets = Liabilities + Owner’s Equity 14900 = 6700 + 8200 2 + 1 = 3 marks
- 4. 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 | 4 Sep 6 Terry’s Cleaning Service: Balance Sheet as at 6 September 2018 $ $ Assets Liabilities Cash 10900 Accounts payable 1400 Cleaning equipment 2000 Loan – ELC Finance Co. 5000 Office furniture 1700 Owner’s Equity Capital 8200 TOTAL 14600 TOTAL 14600 Assets = Liabilities + Owner’s Equity 14600 = 6400 + 8200 2 + 1 = 3 marks Sep 7 Terry’s Cleaning Service: Balance Sheet as at 7 September 2018 $ $ Assets Liabilities Cash 11200 Accounts payable 1400 Cleaning equipment 2000 Loan – ELC Finance Co. 5000 Office furniture 1400 Owner’s Equity Capital 8200 TOTAL 14600 TOTAL 14600 Assets = Liabilities + Owner’s Equity 14600 = 6400 + 8200 2 + 1 = 3 marks Total /20 marks