The following is a list of the assets and claims of PB Ltd as at 31 December 2004:
|
|
EUR
|
|
Trade and other payables
|
1,720
|
|
Delivery van
|
27,600
|
|
Bank loan
|
52,000
|
|
Machinery and equipment
|
21,400
|
|
Bank overdraft
|
23,200
|
|
Inventory
|
30,600
|
|
Building
|
64,000
|
|
Trade and other receivables
|
37,000
|
(a) Prepare a balance sheet of PB Ltd as at 31 December 2004 from the information listed using the vertical format. Bear in mind that there is a missing item which needs to be determined and inserted.
(b) Discuss the significant features revealed by this financial statement.