Question

For each of the following, indicate the financial statement in which the item would appear - IS for Income Statement, SOE for Statement of Owner's Equity, and BS for Balance Sheet:

1) Cash

2) Accounts Receivable

3) Accounts Payable

4) Beginning Capital

5) Ending Capital

6) Drawing

7) Rent

8) Wages

9) Advertising

10) Electricity

11) Service Fees

12) Equipment

13) Furniture

14) Building

Answer 1

S.No	Particulars	Head
1	Cash	Balance Sheet
2	Accounts Receivable	Balance Sheet
3	Accounts Payable	Balance Sheet
4	Beginning Capital	Statement of Owner's Equity
5	Ending Capital	Statement of Owner's Equity
6	Drawing	Statement of Owner's Equity
7	Rent	Income Statement
8	Wages	Income Statement
9	Advertising	Income Statement
10	Electricity	Income Statement
11	Service Fees	Income Statement
12	Equipment	Balance Sheet
13	Furniture	Balance Sheet
14	Building	Balance Sheet

Balance sheet depicts the summary of closing account balances.Contains closing balances of assets liablities and promoter capital

Income Statement this contains the revenue and expenses during a period. There by enabling to identify the Net profit or loss during the period

Statement of Owners Capital it conatins the statement of how the current capital is acheived,