Assets = Liabilities + Equity — Books are balanced
Assets
Code | Account | Balance (MVR) |
|---|---|---|
| 1000 | Cash on Hand | 12,500.00 |
| 1010 | Bank - BML Current Account | 54,200.00 |
| 1020 | Bank - BML Savings Account | 21,000.00 |
| 1200 | Accounts Receivable | 34,500.00 |
| 1300 | Inventory | 18,000.00 |
| 1500 | GST Input Tax (Receivable) | 3,500.00 |
| 1600 | Prepaid Expenses | 5,000.00 |
| Total Assets | 148,700.00 |
Liabilities
Code | Account | Balance (MVR) |
|---|---|---|
| 2000 | Accounts Payable | 28,000.00 |
| 2100 | Accrued Expenses | 6,500.00 |
| 2200 | GST Output Tax (Payable) | 4,200.00 |
| 2300 | Short-term Loan - BML | 7,300.00 |
| Total Liabilities | 46,000.00 |
Equity
Code | Account | Balance (MVR) |
|---|---|---|
| 3000 | Owner's Capital | 75,000.00 |
| 3100 | Retained Earnings | 10,400.00 |
| Current Period Earnings | 17,300.00 | |
| Total Equity | 102,700.00 |
Total AssetsMVR 148,700.00
Total LiabilitiesMVR 46,000.00
Total EquityMVR 102,700.00
Liabilities + EquityMVR 148,700.00
Balanced