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







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