[natado]

Can someone please let e know if I am on the right page with this assignment. Balance sheet on cash accounting basis... Help will be appreciated. Thank you.

Capital as @ 01/07/2007: $30,500.00
Assets:

Current Assets:

Cash @ Bank: $30,870.00
Trade Debtors: $27,500.00
Petty Cash: $ 500.00
GST claimable $ 0.00

Total Current Assets: $63,870.00

Non Current Assets:

Office Equipment: Laptop: $ 1,990.00 includes depreciation
Office Furnishings: $ 3,000.00 includes depreciation

Total Non Current Assets: $ 4,990.00

Total Assets as @ 30/06/2008: $68,860.00

Less:

Current Liabilities:

Creditors: Superannuating: $ 1,800.00
GST Payable @ 1/11th $ 2,180.00
Taxation @ 30% of sales $ 10,230.00


Total Current Liabilities: $ 14,210.00

Non-Current Liabilities:

Bank Loans: $0
Taxation Withholdings @15%: $ 3,000.00

Total Non Current Liabilities: $ 3,000.00

Total Liabilities as @ 30/06/2008: $17,210.00

Total Assets: $68,860.00 less
Total Liabilities: $17,210.00
Total Net Assets: $51,650.00


Capital as @ 01/07/2007: $30,500.00
Add net profit: $ 870.00
Less Owner Drawings: $20,000.00
Total owner/shareholder Equity: $11,370.00

[DownUnder]

Don't mean to burst your bubble but we don't do homework assigments on this site