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Illustration 1

From the following prepare the balance sheet of Johnson Nigeria Ltd as at 31st December 1998.

Screen Shot 2020 12 28 at 7.32.04 PM

Solution

T. Method

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Vertical Method

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Note: Balance sheet is not an account but a statement hence, no debit and credit sides.

Evaluation Questions

1. Define Balance sheet

2. State two differences between Assets and Liabilities.

3. Prepare a Balance sheet.

4. State the Format of a Balance sheet.

Responses

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