Statement of financial position

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  • Created by: josief95
  • Created on: 13-12-15 11:20
Equipment
Non-current asset
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Inventory
Current asset
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Trade recievables
Current asset
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Prepayments (1800-400+600)
Current asset
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Cash
Current asset
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Motor vehicles
Non-current asset
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Trade payables
Current liability
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Accruals (720*1/3)
Current liability
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Bank over draft
Current liability
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Bank loan
Non-current Liabilitiy
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Capital
Equity
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Retained profits
Equity
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Profit for the year
Equity
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Less: Drawings
Equity
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Where do you put 'Accumulated Depreciation'
Separate column at the top
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NBV goes where
Last column at the top
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What is the first column along the top
Cost
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Total assets should equal
Total [Capital] Equity and Liabilities
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Where would 'Vans at cost' go
Non-c assets > Motor vehicles > First 'Cost' column
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Where would 'Van expenses' go
Not included
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Where does opening inventory go
Not included
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Where does closing inventory go
Under Current assets
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Prepayment of van insurance
Current Assets > Prepayments
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Acc Depn
Accumulated depreciation - 2nd Column
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Depn chg for yr
Depreciation change (%) for year - 3rd Column
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NBV
Net book value - 1st Column
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Order of titles
Non-Current assets > Current assets > Total assets, > [Capital] Equity and Liabilities > Equity [Capital] > Non-current liabilities > Current Liabilites > total Equity & Liabilites
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Liquidation of outstanding trade recievables
Take away from figure
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Electricity bill not yet paid
Add to accruals
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Bill unpaid totals £750 for three months, Include as:
750*1/3 (Find for only the month as at)
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If a box of out-dated un-resellable heaters which are included in inventory (£670) cannot be sold ...
Obsolete stock - Increases cost of sales; Decreases Gross & Net Profit; Reduces assets in SoFP
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Accumulated depreciation graph titling
(Vertical) Machine cost; [less] Acc. Depreciation; Carrying value
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Accumulated depreciation graph titling
(Vertical) End of year 1; 2; 3; 4....
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Other cards in this set

Card 2

Front

Inventory

Back

Current asset

Card 3

Front

Trade recievables

Back

Preview of the front of card 3

Card 4

Front

Prepayments (1800-400+600)

Back

Preview of the front of card 4

Card 5

Front

Cash

Back

Preview of the front of card 5
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