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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