Mr. Shimshon is the owner of Big Gun Enterprises. He has provided you with a list of all his accounts to you. Using Assignment # 3 Profit and Loss Statement retained earnings/net profit figures and also the adjustment mentioned below. Now he needs you to produce the Balance Sheet for his business as at June 30, 2019. (40 marks)

Account	Dr. ($)	Cr. ($)
Capital		290,000
Drawings	3,000
Opening Inventory	45,000
Duty fee expense	800
Purchases	200,000
Sales		312,000
Returns	6,000
Returns		2,000
Salaries	10,000
Carriage outward	1,400
Wages	14,000
Insurance	2,000
Discount received		600
Postage	800
Debtors	60,000
Creditors		64,000
Furniture	35,000
Cash in hand	10,000
Machinery	80,000
Automobile	40,000
Building	160,000
Rent	6,000
Printing & stationery	2,000
Bank Overdraft		7,400
Total	676,000	676,000

He further explains you that the following entries need to be considered before making the income statement:

1. Closing stock was valued at cost $ 40,000
2. He estimated that she will not able to receive 12% of the amount from the vendor
3. Following is the schedule for the depreciation:
   1. Automobile needs to be depreciated at 5% (he purchased the automobile on January 01, 2019)
   2. Building useful life is estimated to be 10 years with the residual value of 10,000 (he purchased the building on July 01, 2018)
   3. Machinery needs to be depreciated at 33.3% (he purchased the machinery on September 30, 2018)
4. Tax for the year which is still payable is $ 1,000