Accounting

£ Fixed assets + Current assets - Current liabilities - Long-term liabilities = Net assets

£ Current assets - Current liabilities = Working capital

D Ball - Balance Sheet as at 31 December 2003 - £ £ £ Fixed assets - - - Machinery - - 2,100 - - - - Current assets - - - Stock 300 - - Debtors 890 - - Bank 1970 - - Cash 80 3240 - Less Current liabilities - - - Creditors - (980) - Working capital - - 2260 - - - 4360 Less Long term liabilities - - - Loan - - 1000 Net assets - - 3360 - - - - Financed by: - - - Capital - - 3000 Add Net profit - - 1060 - - - 4060 Less Drawings - - 700 - - - 3360