Prepare a balance sheet from the list of assets

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Reference no: EM1393770

Prepare a balance sheet from the following list of assets and liabilities, regarding the ownership interest as the missing item.

 

£

Trade payables (creditors)

43,000

Cash at bank

9,000

Inventories (stocks) of goods for resale

35,000

Land and buildings

95,000

Wages due to employees but not paid

2,000

Vehicles

8,000

Five-year loan from a bank

20,000

Explain how the balance sheet will change for each of the following transactions:

(a) The wages due to the employees are paid at £2,000.

(b) One-quarter of the inventory (stock) of goods held for resale is destroyed by fire and there is no insurance to cover the loss.

(c) Goods for resale are bought on credit at a cost of £5,000.

Reference no: EM1393770

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