DEBIT
1A
- Have you bought a studio/workspace/office? Determine its value. 
- What equipment do you have? Determine its current market value.
- What is your inventory comprised of? Determine the current market value.
- Do you own any equipment/machines? Determine their current market value.
Add up these amounts.

1B
- Do you have work and materials in stock? Determine their value.
- Do you have any outstanding invoices to customers? To what amount?
Add up these amounts.

1C
- Do you have money on one or more bank accounts? How much?
- Do you have any cash? How much?
Add up these amounts.

CREDIT
1D
- Do you currently hold a mortgage on your studio? What is the balance that remains to be paid?
- Do you have any current loans for a period of longer than a year? What is the total amount?
Add up these amounts.

1E
- Do you have any overdrafts at the bank? To what amount?
- Do you still need to pay invoices from suppliers? To what amount?
Add up these amounts.

1F
- Add up the amounts under A, B and C.
- Do the same with the amounts under D and E.
Subtract the total amount of D and E from the total amount of A, B and C.
The result represents your owner’s equity.

Name of the business or artist: .......
Balance sheet as per: .......

Debit                                                        Credit       
Fixed capital assets       € ... A ...       Owner's equity            € ... F ...
Current assets               € ... B ...       Long-term borrowing  € ... D ...
Liquid means                  € ... C ...      Short-term borrowing  € ... E ...
Total A + B + C               € ...........      Totaal A + B + C          € ...........  

If the total of A + B + C equals the total of D + E + F: then the balance sheet is in balance. Save the calculations made in Step 1. In this way, you can always trace how you calculated your balance sheet.