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Prepare balance sheet of new fresh yoghurt as at december

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Reference no: EM132616487

The following list of balances relates to the business of New Fresh Yoghurt at  31st December 2019.

                                                      £
Equipment                                     30,000
Stock                                          12,000
Loan repayable June 2020                5,000
Capital at 1.1.2019                       40,000
Trade Creditors                              6,740
Trade Debtors                               8,500
Cash in hand                                   400
Cash at bank                                 5,850
Profit for 2019                                 26,160
Owners drawings during 2019              14,600
Loan repayable June 2023                 20,000
Leasehold premises                        20,000
Vehicles                                       15,000

The following information is also given:

(i) Rates of £250 due 31 January 2020 have already been paid.
(ii) Interest due 31 December 2019 of £1,450 has not yet been paid.
(iii) Equipment is to be depreciated at 10% and vehicles at 20%.
(iv) The leasehold premises has a lease of 20 years and allowance needs to be made for this.
(v) £250 of bad debts needs to be written off.

Required:

Problem 1: Prepare the balance sheet of New Fresh Yoghurt as at 31 December 2019.

Reference no: EM132616487

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