Proud Company Limited Trial Balance as at 31st December 2021 Debit Credit 500,000 10,000 50,000 Authorized...

  

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Proud Company Limited Trial Balance as at 31st December 2021 Debit Credit 500,000 10,000 50,000 Authorized Capital (500,000 @ $1) Short term loan Profit and Loss Appropriation Account Investment in Fixed Deposit 50,000 Stock at end 30,000 Electricity expense due Prepayments Unissued Capital (100,000 @ $1) Asset revaluation reserve 1,800 10,000 100,000 100,000 Cash at bank 150,000 Mortgage Buildings 283,300 250,000 45,000 Goodwill Machinery Provision for depreciation- Furniture 150,000 400 Debtors 25,000 Accounts Payable Provision for depreciation- Machinery 35,000 10,000 Bank Overdraft 5,000 Rent due 5,000 Furniture 10,500 Land 180,000 2$ 1,000,500 1,000,500 Required: Study the above information and prepare a fully classified Balance Sheet for Proud Company Limited as at 31st December 2021. (10 Marks) Proud Company Limited Trial Balance as at 31st December 2021 Debit Credit 500,000 10,000 50,000 Authorized Capital (500,000 @ $1) Short term loan Profit and Loss Appropriation Account Investment in Fixed Deposit 50,000 Stock at end 30,000 Electricity expense due Prepayments Unissued Capital (100,000 @ $1) Asset revaluation reserve 1,800 10,000 100,000 100,000 Cash at bank 150,000 Mortgage Buildings 283,300 250,000 45,000 Goodwill Machinery Provision for depreciation- Furniture 150,000 400 Debtors 25,000 Accounts Payable Provision for depreciation- Machinery 35,000 10,000 Bank Overdraft 5,000 Rent due 5,000 Furniture 10,500 Land 180,000 2$ 1,000,500 1,000,500 Required: Study the above information and prepare a fully classified Balance Sheet for Proud Company Limited as at 31st December 2021. (10 Marks)

Answer rating: 100% (QA)

Solution Proud Company Limited Balance Sheet as at 31st December 2021 Amount in Particulars Notes As at 31st December 2021 ASSETS Noncurrent Assets a ... View the full answer