The following is the Balance Sheet of a sole proprietor as on 31 December, 2019. You are required to answer the following questions from this position statement. BALANCE SHEET ASSETS Amount Cash 20000 Bills receivables 40000 Closing stock 60000 120000 Building Land 160000 Vehicles 80000 Furniture 40000 360000 TOTAL ASSETS 480000 LIABILITIES Bank overdraft 40000 Bills payables 100000 Wages payable Long Term Loans Owner's equity or Capital 150000 80000 TOTAL LIABILITIES AND EQUITY 480000