Chapter 1
Financial Statements: Personal Accounting
25
Review Exercise
See Appendix I for solutions.
T-account Worksheet
Personal Balance Sheet
As at January 31, 2016
Personal Income Statement
For the Month Ended January 31, 2016
ASSETS (what we own)
LIABILITIES (what we owe)
Opening
Balance
Opening
Balance
CONTENTS OF HOME
HOUSE
+
–
+
–
INCREASE
DECREASE
INCREASE
DECREASE
CASH
UNPAID ACCOUNTS
REVENUE
CLOTHING EXPENSE
ENTERTAINMENT EXPENSE
FOOD EXPENSE
MAINTENANCE EXPENSE
UTILITIES EXPENSE
MORTGAGE
NETWORTH
+
–
+
–
+
–
+
–
+
–
+
–
+
–
+
–
+
–
+
–
INCREASE
DECREASE DECREASE
INCREASE
DECREASE
INCREASE
INCREASE
DECREASE
INCREASE
DECREASE
INCREASE
DECREASE
INCREASE
DECREASE
INCREASE
DECREASE
DECREASE
INCREASE
DECREASE
INCREASE
Opening
Balance
Opening
Balance
Opening
Balance
Opening
Balance
LESS EXPENSES
Total Assets
Net Worth*
*Ending Net Worth = Beginning NetWorth + Capital + Surplus (Deficit)
Total Liabilities
Total Revenue
Less: Total Expenses
Equals Surplus (Deficit)
