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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