The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash

  
 

 

 
 

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The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021 The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021 The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles 70 000 Debtors 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock 22 000 *Loan from Rinklett Finance 50 000 Fixtures & fittings 35 000 Prepaid rent 4 000 Cash at bank 20 000 Equipment 30 000 **Mortgage Loan from Grass Bank 200 000 Capital 526 000 Additional information * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions %24 Loan repayment - Rinklett Finance Principal 2 000 Interest 900 Mortgage Loan repayment – Grass Bank Principal 3 000 Interest 1 200 Cash sales 120000 Cash paid to creditors 26 000 Wages paid 8 000 Purchase of new equipment 12 000 Insurance paid 1 000 Cash drawings 8 00 Collections from debtors 8 000 Other office expenses 1 500 Advertising 600 Purchase of another motor vehicle (cash deposit) – see details below 5 000 Credit Transactions 2$ Credit sales 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) 3 000 Purchase of another motor vehicle (partly financed by a loan) – see details below 25 000 Additional information: • Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 • Rent for the month of May is $1 200 • Stock on Hand at end of May 2021 is $14 000 • Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021

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Chan and Tan Fruit Bowl Classified balance sheet as at May 31, 2021 Part View the full answer