137. Financial Statement—Single Entry—Illustration Set.
This consists of two parts : (1) a Statement of Assets and Liabilities, and (2) a Statement showing the Net Gain or the Net Loss.
The Statement of Assets and Liabilities in Single Entry is made from four sources—the Ledger, the Cash Book, the Bill Book, and the Inventory Book, as follows :
Find all the balances of the personal accounts from the Ledger. Debtor balances are Assets ; Creditor balances are Liabilities.
Find the balance of cash on hand from the Cash Book. This is an Asset.
Find the balance of other persons' notes and acceptances unpaid, from the Bills Receivable Book ; this balance is an Asset. Find the balance of our notes and acceptances unpaid, from the Bills Payable Book ; this balance is a Liability.
Find the balance of Mdse. on hand, from the Inventory. This balance is an Asset.
STATEMENT OF ASSETS AND LIABILITIES.