Bill Owns a Proprietary Company Called Bill's Bakehouse Pty Ltd

Essay

Bill owns a proprietary company called Bill's Bakehouse Pty Ltd that runs a busy pie shop.At the end of the 2013 financial year,Bill asked his son,Ben,who is a first year accounting student to help him prepare the balance sheet and income statement for Bill's Bakehouse Pty Ltd.Due to lack of knowledge and experience,Ben has incorrectly prepared the balance sheet and income statement as follows:

Required
Help Ben to prepare the correct balance sheet and income statement for Bill's Bakehouse Pty Ltd for the year ended 30^th June 2013.