Worksheet – Vision Media Consultants (VMC)

Topics covered:

• Assets
• Liabilities
• Equity

Vision Media Consultants (VMC) was set up as a partnership firm by David and Warren. Encouraged by growth rate and increasing demand, partners decided to convert VMP to a private limited company. The majority of shares are held by David and Warren. VMC’s service includes strategic business advice on marketing and customer reach out. VMC also undertakes outdoor advertising. The major clients include big corporates in entertainment industry, education and health. The following balances are taken from the books of VMC on 31 December 2020.

Questions:

1. Using the figures given in the table 1:
2. Total fixed assets [ 2 marks]
3. Total current assets [ 2 marks]
4. Total current liabilities [ 2 marks]
5. Total long-term liabilities [ 2 marks]
6. Total equity [ 2 marks]