ZoomBeast & PoA III

I understand that the past 2 sessions have been 100% theory, dull & boring!

Well, that's PoA. Now the fun begins!

Balance Sheet:
Balance sheets are the most basic/summarised info of a company's financial status.
While it does not contain details of the total sales made, etc, it does show the assets, capital, Net profit/loss and liabilities.

If it doesn't balance, something might be going screwy in the company.

Accounting Equation:
Before we start, here's an equation you need to REMEMBER!

Assets = Capital + Liabilities

Got the equation?
But it doesn't seem specific enough. What happened to the net profit/loss mentioned earlier?

So we need to EXTEND IT!

Fixed Assets + Current Assets = Capital + Net Profit/Loss + Short Term Liabs + Long Term Liabs

There, much better =)
Now we can start on our first PRACTICAL exercise!
This will test your understanding of Part II & III

Download this Balance Sheet I drafted & fill in accordingly =)
The stuff to fill in are in the same file beside the balance sheet.

I've also filled in the Owner's equity portion.
The excel formulas are also nicely put in place.
All YOU need to do is figure where to put the figures! XD

When you're done, check your answers in the last sheet! Don't COPY!