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The balances of ledger accounts of ABC Limited as at 31 December 2019 are listed below: Building Equipment Accounts Receivable Interest Payable Cash Motorcycle Supplies
The balances of ledger accounts of ABC Limited as at 31 December 2019 are listed below: Building Equipment Accounts Receivable Interest Payable Cash Motorcycle Supplies Retained Earnings 425,000 45,000 10,500 12,000 34.000 25.000 16,000 Land Accounts Payable Salaries Payable Share Capital Computer Hardware Notes Payable Dividend Payable 550.000 48,500 35,000 150,000 30,000 620,000 4,000 Required: Prepare a statement of financial position for ABC Limited as at 31 December 2019 (Note: include a proper heading and organize the statement of financial position prepared in the Horizontal Format. Marks will be deducted if not using horizontal format). You will need to compute the amount to be shown for Retained Earnings. Show your workings on the computation. (20 marks)
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