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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/
£
Property, plant and equipment
x
Goodwill
Other intangible assets
Investment Longterm
Inventory
Accounts receivables and prepayments
Short-term investment
Cash at bank and in hand
TOTAL ASSETS
xx
Preference share capital
Ordinary share capital
Share premium
Revaluation reserve
General reserve
Retained profits
Shareholders funds
Loan stock/debentures
Redeemable preference shares
Deferred tax
Other long-term provisions
Bank overdraft
Trade and other payables (accruals)
Current tax (tax payable)
Current portion of loan stock
Prepared dividends (and shares or preference shares)
TOTAL EQUITY AND LIABILITY
Purchased used truck for 8,000 ,paying 2,000 cash and the balance on account
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prepare an balance sheet
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BALANCE SHEET Grouping of items: Items in the Balance Sheet should be grouped under appropriate headings. In particular, a trust operating the provisions of the Trustee Act
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