Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The format of a Balance Sheet/Statement of Financial Position
The Name of the Business(The Name of the Sole Trader is used in Sole Trader Businesses)
Statement of Financial Position as at 31 December 2016
$ | $ | |
Non-current Assets | ||
Buildings | xxx | |
Motor Van | xxx | |
Fixtures and Fittings | xxx |
|
xxxx | ||
Current Assets | ||
Stock | xxx | |
Debtors | xxx | |
Bank | xxx | |
Cash | xxx | |
xxx | ||
Total Assets | xxxx |
|
Capital (Equity) | ||
Capital | xxx | |
Profit for the year | xx | |
Retained Earnings | xx |
|
xxx | ||
Less drawings | (xx) |
|
xxxx | ||
Non-current Liabilities | ||
Long term loan | xxxx | |
Current Liabilities | ||
Accrued Expenses | xxx | |
Accounts payable (creditors) | xxx | |
Prepaid income | xx | |
xxx | ||
xxxx |
- The name of the business is to be replaced by the name of the sole trader if the books being prepared are those of a sole trader business
- The name is replaced by the name of the partners if the accounts being prepared pertain to a partnership business
- The date of the Balance Sheet/Statement of Financial Position depends on the question in the examination and it varies from business to business in the real world
- As already stated the exact items found in each Balance Sheet varies from business to business
- If an item does not exist do not create its line for example if Long term liabilities do not exist do not write up the line
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