11
DON’s AUTO REPAIRS
BALANCE SHEET
as at 30 June 2004
ASSETS
Cash at bank
$50,340
LIABILITIES
Accounts Payable
$20,760
Accounts Receivables
17,790
Mortgage Payable
201 000
Repair Supplies
14,610
221,760
Repair Equipment
110,700
Building
255,000
OWNERS”S EQUITY
Land
60,000
Don Brady, Capital
286,680
$508,440
508,440
Table 2.1 Don’s Auto Repairs Balance Sheet
From: Accounting in Australia, 5th edition page 34
On the other
hand,
in accordance
with paragraph 51 of
IAS 1,
it
is compulsory
for
an
enterprise
to classify
their
assets
and liabilities
as
a
current
and
noncurrent
in
the
balance
sheet,
except when
the
presentation
regarding
the
liquidity
of the
enterprise
is
considered
to
have
more
reliable
and
relevant
information (Alfredson et all 2007, p.673). During the case when the exception
applies, the enterprise should present their assets and liabilities broadly in order
of liquidity.
 |