ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Statement of Financial Position
- We have looked at the Income Statement for companies here
- We will now look at the structure of the Statement of Financial Position
- The Statement of Financial Position is almost identical to the one prepared for sole traders
- In fact the Assets side is just the same
| Assets | $ | $ |
| Non-current Assets | ||
| Property, plant and equipment | xxxx | |
| Motor Vehicles | xxx | |
| Fixtures and Fittings | xxx | |
| xxxx | ||
| Current Assets | ||
| Invetories | xxx | |
| Trade receivables | xx | |
| Prepayments | xx | |
| Cast at Bank | xx | |
| Cash | ||
| xxx | ||
| Total Assets | xxxxx |
|
| Equity and Liabilities | ||
| Capital and Reserves | ||
| Share Capital | xxxx | |
| Capital Reserves | xxx | |
| Revenue Reserves | xxx | |
| xxxx | ||
| Non-current Liabilities | ||
| Debentures | xxx | |
| Long-term Loan | xxx | |
| xxx | ||
| Current Liabilities | ||
| Trade and other payables | xxx | |
| Company Tax | xxx | |
| Short term borrowings(Bank overdraft) | xxx | |
| Interest accrued on loan | xxx | |
| xxxx | ||
| Total Equity and Liabilities | xxxxx |
|
- As said only the capital and liability line items are different from those of sole traders and parnterships
To access more topics go to the Principles of Accounts Notes.
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