Lists of balances of every account from general ledger ( including cash book and petty cash book), distinguishing between those accounts which have debit balances and those which have credit balances
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Accounting Equation
Assets = Liabilities + capital
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Net Assets
Total Assets - Liabilities
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Net Assets equal too
Capital
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Fixed ( Non- Current Assets)
Long term use , economic benefits e.g Plant and Machinery, Property & Building, Goodwill, Office Equipment,
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Short term ( Current Assets)
Short term use, economic benefits ( Inventory, Bank, Prepaid, Receivable, Sales Ledger control )
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Long term Liabilities ( Non-Current Liabilities)
Settle in more than year time, are Bank Loan, Mortgages, Debentures, Bond,
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Current Liabilities ( Short term )
Settle in less than year time, Purchase ledger control ( Payable, Creditor ), Overdraft, Accrual,)
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Controls Accounts
Sales Ledger Control ( Debtor control Account), Purchased Ledger Control Account ( Creditor Control Account ), Wages Control Account, VAT control Account
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