Do you need Balance sheet practice questions? Here, I will give some practice questions, and at the end you can find the answer key or directly contact us at hira@accountingdrive.com.
A balance sheet, also known as a statement of financial position, is a financial statement that presents a snapshot of a company’s financial condition at a specific point in time. It details the company’s assets, liabilities, and shareholders’ equity, offering insights into its net worth. The balance sheet adheres to the accounting equation:
Assets = Liabilities + Equity
The International Financial Reporting Standards (IFRS) provide guidelines for the preparation of balance sheet. The relevant IFRS codes include:
From the following particulars, prepare a balance sheet of ABC Company as of 31st Dec 2022
Prepaid Expenses 10,000
Accounts Receivable 6,400
Accounts Payable 14,200
Bank overdraft 10,000
Net profit 23,300
General reserve 1,000
Merchandise Inventor 14,800
Notes Receivable 25,000
Advance from customer 5,000
Here is the selected data from the trial balance of Haram Enterprises as on December 31 2022:
Accounts payable 32,000
Acc. dep (equipment) 27,000
Merchandise inventory 27,000
Bank overdraft 5,000
Accounts receivable 30,000
Required :
With the help of this available data, prepare a balance sheet for the year ended 2022.
From the following trial balance of Jhon Pvt. Ltd., prepare the balance sheet for the year 2020.
Cash and Bank $200
Accounts receivable 400
Accounts Payable 300
Retained Earnings 400
Long-term investments 700
Merchandise inventory 700
Short term loan 400
Furniture & Fixture 900
Zest Incorporation has the following balance sheet at the end of the year. You are required to prepare a Common-size Balance Sheet as of 31st Dec 2020.
The following balances has been extracts from the books of Heera Ltd as at 31st March 2022.
| " data-sheets-numberformat="">Debit | " data-sheets-numberformat="">Credit | |
| ">Share Capital | " data-sheets-numberformat="">500,000.00 | |
| ">Property | " data-sheets-numberformat="">730,000.00 | |
| ">Reserves | " data-sheets-numberformat="">200,000.00 | |
| ">Inventory | " data-sheets-numberformat="">50,000.00 | |
| ">Bills payable | " data-sheets-numberformat="">20,000.00 | |
| ">Trade payables | " data-sheets-numberformat="">40,000.00 | |
| ">Trade receivables | " data-sheets-numberformat="">20,000.00 | |
| ">Cash & Bank | " data-sheets-numberformat="">170,000.00 | |
| "> |
Required :
Prepare the Balance sheet of Heera Ltd as of 31st March 2022.
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She is a Xero Advisor Certified and Remote Account Assistant, where she prepare monthly financial reports for the clients. She is a highly motivated and detail-oriented individual with a passion for learning.
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