NOTE: PREPARE BALANCE SHEET AND SHOULD FOLLOW THE GIVEN FORMAT FOR BALANCE SHEET. Thank you. 9:37JOURNALDateParticulars Debit Amt Credit amt2020PIPMar 1Cash100,000Officefurniture50,000Joficeequipment30,000Capital180,000(To recordcash andother assetsinvestmentby owner)Mar 3Cash300,000Accountspayable300,000(To recordborrowing)Mar 9Purchase150,000Cash|150,000(To recordcreditpurchases)OfficefurnitureMar 1650,000Accountspayable50,000(To recordpurchase ofofficefurniture)Mar 30Drawings5,000Cash5,000(To recorddrawings)AccountsMar 3150,000|раyableDiscount1,000Cash49,000(To recordpayment tocreditors)Task:PREPARE BALANCE SHEET. BALANCE SHEETAS OF JULY 31, 2019ASSETCASH12,000ACCOUNTS RECEIVABLE18,000TOTAL ASSETS30,000LIABILITIESTOTAL LIABILITIESOWNERS EQUITYPAOLO CAPITAL30,000TOTAL CAPITAL30,000TOTAL LIABILITIES & OWNER'S EQUITY 30,000FORMAT

Balance sheet is one of the financial statement of business, which shows all assets, liabilities and…

Answered: Accounts payable Discount Cash Mar 31…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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NOTE: PREPARE BALANCE SHEET AND SHOULD FOLLOW THE GIVEN FORMAT FOR BALANCE SHEET. Thank you.

9:37
JOURNAL
Date
Particulars Debit Amt Credit amt
2020
P
IP
Mar 1
Cash
100,000
Office
furniture
50,000
Jofice
equipment
30,000
Capital
180,000
(To record
cash and
other assets
investment
by owner)
Mar 3
Cash
300,000
Accounts
payable
300,000
(To record
borrowing)
Mar 9
Purchase
150,000
Cash
|150,000
(To record
credit
purchases)
Office
furniture
Mar 16
50,000
Accounts
payable
50,000
(To record
purchase of
office
furniture)
Mar 30
Drawings
5,000
Cash
5,000
(To record
drawings)
Accounts
Mar 31
50,000
|раyable
Discount
1,000
Cash
49,000
(To record
payment to
creditors)
Task:
PREPARE BALANCE SHEET.

BALANCE SHEET
AS OF JULY 31, 2019
ASSET
CASH
12,000
ACCOUNTS RECEIVABLE
18,000
TOTAL ASSETS
30,000
LIABILITIES
TOTAL LIABILITIES
OWNERS EQUITY
PAOLO CAPITAL
30,000
TOTAL CAPITAL
30,000
TOTAL LIABILITIES & OWNER'S EQUITY 30,000
FORMAT

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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