ZIMSEC O Level Principles of Accounts 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
To access more topics go to the Principles of Accounts Notes.
