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The Accountant has also asked for you to assist in preparing the statement of financial position (balance sheet) for the Construction in Building partnership for the year ended 30 June 2011.
Using the trial balance, prepare a statement of financial position (balance sheet) for the partnership as at 30 June 2011. Do NOT use brackets, minus signs or dashes.
Trial balance for Construction in Building for the year ended 30 June 2011
Dr £
Cr £
Accruals
1,100
Prepayments
505
Bank
10,230
Capital - Shirley
33,375
Capital - Ken
59,750
Capital - Reeny
21,375
Cash
120
Closing inventory
23,500
Current account - Shirley
55,397
Current account - Ken
63,803
Current account - Reeny
8,300
Drawings - Shirley
25,870
Drawings - Ken
40,000
Drawings - Reeny
3,000
Motor vehicles at cost
69,500
Motor vehicles accumulated depreciation
22,094
Plant and machinery at cost
114,500
Plant and machinery accumulated
depreciation
41,781
Allowance for doubtful debts
1,500
Trade Payables control account
18,000
Trade receivables control account
42,000
VAT
2,750
Total
329,225
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