Flashcards
Balance sheet
Cards in this deck (10)
- 11. Balance sheetStatement of financial position
- 22. Non- Current assetsAssets which are kept in the business for more than 1 year
e.g. van, fixtures, Depreciation
ADD THEM ALL - 33. Current AssetsAssets which are kept in the business for less than 1 year
- 44. The order of current assets... I TURN PINK COLDInventory
Trade Receivables
Prepayables
Cash
ADD THEM ALL - 55. Less Current liabilitiesLiabilities which have to re-paid within a year
- 66. The order of Current liabilities... TIM's ARMPIT BURPSTrade payables
Accurals
bank overdraft
ADD THEM ALL
(total goes in middle column) - 77. Net Current assetsCURRENT ASSETS - CURRENT LIABILITIES
THEN ADD NON- Current assets - 88. Less Non- Current liabilitiesLiabilities which have to be repaid in more than 1 year
e.g. LOAN
do net current assets minus non- current liabilities to get net assets - 99. Financed by CapitalOpening capital
Add Profit for the year
(FROM THE INCOME STATEMENT) - 1010. Less DrawingsTotal should equal Net assets
Information
- Description
- Show important terms for a balance sheet as well as calculations and order
- Created by
- trinaz · Dec 2015
- Updated
- Sep 5, 2016
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