From the following account balances of Performance Parts Pty Ltd as at 30 June 2021.

Cash at Bank $ 50,000

Accounts Receivable 75,000

Inventory 60,000

Shop Fittings 24,000

Motor Vehicles 69,000

Accounts Payable 12,000

GST Net Payable 14,500

PAYG Withholding 8,500

Loan payable (2023) 78,000

Share Capital 100,000

Retained Earnings ??

Required:

Prepare a balance sheet in the narrative classified format:

Note: You will need to determine the balance of the retained earnings.

Note: Current Assets are to be in order of liquidity, and non-current assets are in order of Magnitude - Highest to Lowest