Q No.2 (8 marks)

Prepare Balance Sheet from the given data, but be careful, every item will not be appeared in Balance Sheet.

Land 25000

Building 125000

A/c payable 30000

Cash 15000

Note payable 25800

Sales 550000

Office supplies 5000

Bank 17000

A/c receivable 15000

Amir-capital ?

Salaries payable 32500

Short-term investment 58000

Office salaries expense 12500

Prepaid advertising 36000

Commission revenue 256900