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Question 5 (7 marks) The accountant of Paul Shop Fitter Private Limited has provided the...

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Accounting

Question 5 (7 marks)

The accountant of Paul Shop Fitter Private Limited has provided the following data on the Assets, Liabilities, Equity, Income and Expense amounts as at 30th June 2021.

$

$

Equipment

221,800

Supplies

84,200

Prepaid Insurance

24,000

Cash in Bank

88,400

Accounts receivable

182,800

Accounts payable

101,100

Capital

?

Bank loan

30,000

Service income

1,158,000

Salary expense

483,000

Advertising expense

15,000

Supplies expense

142,500

Required:

  1. Prepare a Balance Sheet in the narrative (vertical) format as at 30th June 2021. (5 marks)
  2. Explain what key information the Balance Sheet provides to users of the financial statements. (2 marks)

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