The accountant of Paul Shop Fitter Private Limited has provided the following data on the...
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Accounting
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:
- Prepare a Balance Sheet in the narrative (vertical) format as at 30th June 2021. (5 marks)
- Explain what key information the Balance Sheet provides to users of the financial statements. (2 marks)
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