Prepare a balance sheet from the list of assets

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Reference no: EM1393770

Prepare a balance sheet from the following list of assets and liabilities, regarding the ownership interest as the missing item.

	£
Trade payables (creditors)	43,000
Cash at bank	9,000
Inventories (stocks) of goods for resale	35,000
Land and buildings	95,000
Wages due to employees but not paid	2,000
Vehicles	8,000
Five-year loan from a bank	20,000

Explain how the balance sheet will change for each of the following transactions:

(a) The wages due to the employees are paid at £2,000.

(b) One-quarter of the inventory (stock) of goods held for resale is destroyed by fire and there is no insurance to cover the loss.

Reference no: EM1393770

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