Balance Sheet worksheet - Free Printable

To prepare the Balance Sheet for Faisal Cleaning Services as of 31st December 2020, we need to classify the given items into their respective categories: Current Assets, Fixed Assets, Liabilities, and Owners' Equity. Let's go through the process step by step.

Step 1: Identify and Classify the Items

#### Current Assets
- Cash: BD 58,500
- Accounts Receivable: BD 11,300
- Cleaning Supplies: BD 2,800

#### Fixed Assets
- Truck: BD 60,700
- Furniture: BD 15,600
- Cleaning Equipment: BD 59,800

#### Liabilities
- Account Payable: BD 12,100
- Loan (years 5): BD 70,000

#### Owners' Equity
- Ending Capital: BD 126,600
- Drawings: BD 700
- Net Income for the Year: BD 14,900

Step 2: Calculate Totals

#### Total Current Assets
\[
\text{Total Current Assets} = \text{Cash} + \text{Accounts Receivable} + \text{Cleaning Supplies}
\]
\[
\text{Total Current Assets} = 58,500 + 11,300 + 2,800 = 72,600
\]

#### Total Fixed Assets
\[
\text{Total Fixed Assets} = \text{Truck} + \text{Furniture} + \text{Cleaning Equipment}
\]
\[
\text{Total Fixed Assets} = 60,700 + 15,600 + 59,800 = 136,100
\]

#### Total Assets
\[
\text{Total Assets} = \text{Total Current Assets} + \text{Total Fixed Assets}
\]
\[
\text{Total Assets} = 72,600 + 136,100 = 208,700
\]

#### Total Liabilities
\[
\text{Total Liabilities} = \text{Account Payable} + \text{Loan (years 5)}
\]
\[
\text{Total Liabilities} = 12,100 + 70,000 = 82,100
\]

#### Owners' Equity
Owners' Equity is calculated as:
\[
\text{Owners' Equity} = \text{Ending Capital} + \text{Net Income} - \text{Drawings}
\]
\[
\text{Owners' Equity} = 126,600 + 14,900 - 700 = 140,800
\]

#### Total Liabilities & Owners' Equity
\[
\text{Total Liabilities & Owners' Equity} = \text{Total Liabilities} + \text{Owners' Equity}
\]
\[
\text{Total Liabilities & Owners' Equity} = 82,100 + 140,800 = 208,700
\]

Step 3: Prepare the Balance Sheet

Now, let's fill in the Balance Sheet template with the calculated values:

```
Balance Sheet
As of 31st December 2020

Current Assets:
- Cash: BD 58,500
- Accounts Receivable: BD 11,300
- Cleaning Supplies: BD 2,800
Total Current Assets: BD 72,600

Fixed Assets:
- Truck: BD 60,700
- Furniture: BD 15,600
- Cleaning Equipment: BD 59,800
Total Fixed Assets: BD 136,100

Total Assets: BD 208,700

Liabilities:
- Account Payable: BD 12,100
- Loan (years 5): BD 70,000
Total Liabilities: BD 82,100

Owners' Equity:
- Ending Capital: BD 126,600
- Net Income: BD 14,900
- Drawings: BD 700
Owners' Equity: BD 140,800

Total Liabilities & Owners' Equity: BD 208,700
```

Final Answer:

\[
\boxed{
\begin{array}{l|c}
\text{Current Assets:} & \\
\hline
\text{Cash} & 58,500 \\
\text{Accounts Receivable} & 11,300 \\
\text{Cleaning Supplies} & 2,800 \\
\hline
\text{Total Current Assets} & 72,600 \\
\hline
\text{Fixed Assets:} & \\
\hline
\text{Truck} & 60,700 \\
\text{Furniture} & 15,600 \\
\text{Cleaning Equipment} & 59,800 \\
\hline
\text{Total Fixed Assets} & 136,100 \\
\hline
\text{Total Assets} & 208,700 \\
\hline
\text{Liabilities:} & \\
\hline
\text{Account Payable} & 12,100 \\
\text{Loan (years 5)} & 70,000 \\
\hline
\text{Total Liabilities} & 82,100 \\
\hline
\text{Owners' Equity:} & \\
\hline
\text{Ending Capital} & 126,600 \\
\text{Net Income} & 14,900 \\
\text{Drawings} & -700 \\
\hline
\text{Owners' Equity} & 140,800 \\
\hline
\text{Total Liabilities & Owners' Equity} & 208,700 \\
\end{array}
}
\]