Jalal bike Shop Practice Set

PO Box 12390
Hamilton East

Balance Sheet

As of March 2012
24/01/2016
12:01:40 p.m.

Assets
Current Assets
Cash On Hand
ASB Cheque Account -$130.00
Petty Cash $500.00
Undeposited Funds $20,000.00
Total Cash On Hand $20,370.00
Trade Debtors $4,970.00
Inventory
Inventory-Mountain Bikes $4,069.65
Inventory-Road Bikes $2,391.40
Inventory-BMX Bikes $3,339.33
Total Inventory $9,800.38
Other Current Assets
Prepayments $2,608.70
Total Other Current Assets $2,608.70
Total Current Assets $37,749.08
Fixed Assets
Land & Building
Land & Building- at Cost $45,500.00
Land & Building - Accum Dep'n -$4,550.00
Total Land & Building $40,950.00
Computer Equipment
Computer Equipment at Cost $25,347.83
Computer Equipment Accum Dep'n -$5,000.00
Total Computer Equipment $20,347.83
Total Fixed Assets $61,297.83
Total Assets $99,046.91

Liabilities
Current Liabilities
Trade Creditors $3,340.00
GST
GST Collected $608.49
GST Paid -$1,456.31
Total GST -$847.82
Harvey Norman Ltd $5,000.00
Total Current Liabilities $7,492.18
Long Term Liabilities
Bank Loans $10,000.00
Total Long Term Liabilities $10,000.00
Total Liabilities $17,492.18

Net Assets $81,554.73

Equity
Owner's/Shareholder's Equity
Owner's Capital (Jalal) $77,950.00
Owner's Drawings (Jalal) -$1,250.00
Total Owner's/Shareholder's Equity $76,700.00
Current Year Earnings $4,854.73
Total Equity $81,554.73