Archie, a newsagent, provides the following information at 30 September 20*8: Capital 45,300; premises at cost 73,000;
Question:
Archie, a newsagent, provides the following information at 30 September 20*8:
Capital £45,300; premises at cost £73,000; mortgage on premises £48,000; shop fittings at cost £14,000; vehicle at cost £3,000; stock £4,500; debtors £300; creditors £900; bank overdraft £600.
Required
Prepare the balance sheet at 30 September 20*8. Use a horizontal layout. Classify all assets and liabilities.
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