Balance Sheets Unit 1 0.0 / 5 ? AccountingBalance Sheets Unit 1ASAQA Created by: jessthorburnCreated on: 20-01-16 14:44 Balance Sheets A balance sheet shows what a business owns or what is owed to a business. What belongs to the business: Assets What the business owes: Liabilities Liabilties + Capital (money invested) = Assets 1 of 6 Non-Current and Current Assets Non-Current Assets: Premises Shop Fittings Fixtures Motor Vehicles Equipment Machinery Provsion for Depreciation Current Assets: Closing Inventory Trade Recievables Bank Prepayments Cash 2 of 6 Non-Current and Current Liabilities Non-Current Liabilities: Mortgage Bad Debt Loan Current Liabilities: Trade Payables Accruals Bank Overdraft Net Current Assets 3 of 6 Layout of Balance Sheets Non-Current Assets Current Assets Current Liabilities Non-Current Liabilities Financed By: Opening Capital Add profit for the year Less Drawings Closing Capital 4 of 6 Income Statements Revenue Returns Inwards Cost of Sales Opening Inventory Add Purchases Add Carriage Inwards Less Returns Outwards Add Discount Recieved Drawings of Inventory Less Closing Inventory Gross Profit Less Expenses: Discount Allowed Depreciation Motor Expenses Rent and Rates Wages Net Profit for the year 5 of 6 Trial Balance Trial Balance: A statement of all debits and credits in a double-entry account book, with any disagreement indicating an error. Debit Expenses Assets Drawings Credit Liabilties Income Capital 6 of 6
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