(a) Define the term balance sheet. (b) The financial data of Omega Dairy Farms Ltd as at December 31st 2012 are shown below: Cash at bank 200,000.00 Cash in...
Question 1 Report
(a) Define the term balance sheet.
(b) The financial data of Omega Dairy Farms Ltd as at December 31st 2012 are shown below:
| Cash at bank | 200,000.00 |
| Cash in hand | 70,000.00 |
| Dairy cattle | 5,000.000.00 |
| Milk | 300,000.00 |
| Loans | 3,000,000.00 |
| Initial capital | 4,000,000,00 |
| Interest on loan payable | 600,000.00 |
| Account receivable | 1,000,000.00 |
| Taxes payable | 500,000.00 |
| Milking machine | 1,500,000.00 |
| Animal feed | 100,000.00 |
Use the data to prepare a balance sheet for Omega Dairy Farms Ltd as at December 31st 2012 (c) State two ways in which the balance sheet is important (d) Is the farm credit-worthy? Give a reason for your answer
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