The following is a list of all the balances (in random order) in the ledgers of Vladimir Popov at 1 June 2014:

Name Amount Debit balance or Credit balance?
Receivable: J. Petrov 650 Debit Rent and Rates 6,400 Debit Machinery 25,680 Debit Equity ? Credit Wages 18,630 Debit Purchases 14,560 Debit Advertising 1,500 Debit Payable: P. Pavlov 960 Credit Accountancy fees 350 Debit Sales 32,510 Credit Bank 5,000 Debit Payable: L. Grigorvic 250 Credit

(a) What was the balance on Vladimir’s Equity account on 1 June 2014? (show your workings)

(b) Rearrange all the balances (including the equity account balance) under each of the following headings:
Assets Expenses Liabilities Equity Income

(c) Total the balances that appear under each of the five headings in part

(b) above, and then complete and prove the following formula:
Assets + Expenses = Liabilities + Equity + Income