John Paul Mondo is the bookkeeper for the Eating Place Enterprises. John hasbeen trying to get the balance sheet of the Eating Place Enterprises to balance. Itfinally balanced, but now he’s not sure it is correct.Eating Place EnterprisesBalance Sheet as at December 31, 2018Assets Liabilities and capitalCash 28,500 Creditors 6,000Inventory 4,500 Debtors (15,000)Equipment 30,000 Capital 42,000Drawings 10,000 Net income for the year 40,000Total assets 73,000Total liabilities andcapital 73,000Required:Prepare a corrected balance sheet in vertical format

On September 1, the balance of the Accounts Receivable control account in the general ledger of John’s Produce, Inc., was K11,960. The customers’ subsidiary ledger contained account balances as follows: Jana Seafood K2,440; Bingston Bakery K2,640; Cavanaugh Pancakes K2,060; Bickford Grille K4,820. At the end of September, the various journals contained the following information: Sales journal: Sales to Bickford Grille K800; to Jana Seafood K1,260; to Iman Groceries K1,030; to Cavanaugh Pancakes K1,100. Cash receipts journal: Cash received from Cavanaugh Pancakes K1,310; from Bickford Grille K2,300; from Iman Groceries K380; from Kingston Bakery K1,800; from Jana Seafood K1,240. General journal: An allowance is granted to Bickford Grille K220. Instructions (a) Set up control and subsidiary accounts, and enter the beginning balances. Do not construct the journals. (b) Post the various journal information given in the question above onto the Ledger Accounts. (c) Prepare a list of customers, and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2008.

The statement below is likely from which of the following business (type of business and form of organisation):Balance Sheet As of 30th June 2021Assets  Cash$50,000 Accounts Receivables90,000  Land270,000  Buildings (net)220,700Total assets$630,700Liabilities  Accounts payable280,000Net Assets$350,700Shareholders' Equity Share capital$225,000Retained earnings  125,700Total stockholders' equity$350,700Question 2Answera.a merchandising partnershipb.a merchandising companyc.a merchandising sole-proprietorshipd.a service sole-proprietorshipe.a service company

How the Balance Sheet is Structured

The balance sheet shows the following accounts and amounts:Cash $26,000; Short-term Debt $42,000; Buildings and Equipment $840,000; Inventory, $88,000; Notes Payable $120,000; Accumulated Depreciation $220,000; Common Stock $160,000; Accounts Receivable $76,000; Retained Earnings $474,000; Accounts Payable $34,000.Total assets on the balance sheet are:Multiple Choice$1,030,000.$734,000.$1,250,000.$810,000.

QUESTION ONE (50 marks)Johnson has been trading of sports equipment and accessories for some years. The followinglist of balances has been extracted from his ledger as at March 31, 2023.$Rent, rates and insurance 15,000Electricity paid 6,000Postages and stationery 800Advertising 36,500Salaries and wages 35,000Bank interest expenses 3,500Cash in hand 100Stock at April 1, 2022 5,000Debtors 9,000Fixtures and fittings at cost 9,000Accumulated depreciation of Fixtures and Fittings at April 1, 2022 1,800Sales 150,000Creditors 9,680Purchases 100,000Office equipment at cost 5,000Accumulated depreciation of Office Equipment at April 1, 2022 500Share capital 52,9205-year bank loan at interest rate of 20% per annum 10,000The following additional information as at March 31, 2023 includes:1. Stock at March 31, 2023 was valued at $50,000.2. An electricity bill of $300 for January 2023 was received. This bill has not yet beensettled until May 2023.3. Rates was paid in advance for April to June 2023: $1,200.4. A customer has failed to make payment of $1,500 for a long time. It deemed as baddebts as at March 31, 2023.5. Depreciation of fixture and fittings: 20% per annum on straight line basis.6. Depreciation of office equipment: 10% per annum on straight line basis.2Required:(a) Prepare a Profit and Loss account for the year ended March 31, 2023 and aBalance Sheet as at that date. (30 marks)(b) Give comments on the above information given. (20 marks)