Format of the balance sheet, Financial Accounting

Format of the Balance Sheet

It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should be classified between current and non-current portions.

Currently, the standard requires the first part of  the balance sheet to show the total assets (i.e. non-current assets + current assets) and the second part of the balance sheet to show equity and liabilities. Equity is the shareholders funds while liabilities are the total of non-current and current liabilities.

The format of the balance sheet is given as follows:

ABC LTD

BALANCE SHEET AS AT 31/12/

NON-CURRENT ASSETS

£

£

Property, plant and equipment

 

x

Goodwill

 

x

Other intangible assets

 

x

Investment Longterm

 

x

 

 

x

CURRENT ASSETS

 

 

Inventory

x

 

Accounts receivables and prepayments

x

 

Short-term investment

x

 

Cash at bank and in hand

x

x

TOTAL ASSETS

 

xx

EQUITY AND LIABILTIES

 

 

Preference share capital

 

x

Ordinary share capital

 

x

 

 

x

RESERVES

 

 

Share premium

x

 

Revaluation reserve

x

 

General reserve

x

x

Retained profits

 

x

Shareholders funds

 

x

 

 

 

NON-CURENT LIABILITIES

 

 

Loan stock/debentures

x

 

Redeemable preference shares

x

 

Deferred tax

x

 

Other long-term provisions

x

x

 

 

 

CURRENT LIABILITIES

 

 

Bank overdraft

x

 

Trade and other payables (accruals)

x

 

Current tax (tax payable)

x

 

Current portion of loan stock

x

 

Prepared dividends (and shares or preference shares)

x

x

TOTAL EQUITY AND LIABILITY

 

xx

Posted Date: 12/12/2012 12:05:47 AM | Location : United States







Related Discussions:- Format of the balance sheet, Assignment Help, Ask Question on Format of the balance sheet, Get Answer, Expert's Help, Format of the balance sheet Discussions

Write discussion on Format of the balance sheet
Your posts are moderated
Related Questions
A 15-year, 14% semiannual coupon bond with a par value of $1,000 may be known as in 4 years at a call price of $1,075. The bond sells for $1,050. (Suppose that the bond has just be

Trade Sources of Information Within for instance the credit card industry it isn't uncommon for information on an individual's credit rating to be shared. In a alike vein withi

Q. If a corporation declares a 10% stock dividend on its common stock, the account to be debited on the date of declaration is a. Common Stock Dividends Distributable. b. Common St

Acquisition of Assets: The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the authority. Cost is determined as the fair val

Binary Coded Decimal BCD stands for Binary Coded Decimal. The information given to the computer is stored temporarily before it is processed.  Consider a number 827. The bin

Calculate the present value and determine the npv, Financial Management. Assume today is 3 December 2009. Helen is 30 years old and has a Bachelor of Business. She is currently em


Ask questiJohn’s away at the moment, and his email provider has a size limit on the data that can be sent via email. What is a potential solution for John, and name a provider that

HOW TO CALCULTE GOODWILL FOR CONSOLIDATED STATEMENTS

Question: (a) The following output levels and production costs have been recorded over the last three periods: Required: Using the high-low method, estimate the: (i