By Inc. BarCharts

ISBN-10: 142320199X

ISBN-13: 9781423201991

The fundamentals of accounting in transparent, concise, layout with worksheet examples will get scholars during the first semester and offers new company humans a foundation to start. one in every of our greatest promoting company titles!

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Additional resources for Accounting 1 (Quickstudy Reference Guides - Academic)

Example text

What you need to know now is how we draw up the P&L and cash flow statement. Before doing that though, let’s just pause for another summary. 47 ACCOUNTS DEMYSTIFIED Summary The balance sheet is the definitive statement of a company’s financial position. It tells you what a company’s assets and liabilities are at a point in time and hence what the company’s net assets are. It also tells you how the company came by those net assets. The P&L is a descriptive statement. It tells you how and why the retained profit item on the balance sheet changed over the course of the last year.

As it happens, Wingate had two bank accounts. One had a positive balance in it, the other was in overdraft. You can see the overdraft detailed in Note 12 of the accounts on page 247. The cash flow statement shows the total cash change of both of these, so what you have is as follows: At the end of year four, Wingate had cash of £20k and an overdraft of £744k, making a net overdraft of £724k. At the end of year five, Wingate had cash of £15k and an overdraft of £1,047k, making a net overdraft of £1,032k.

Since SBL didn’t pay at the time of the transaction, its liabilities must have gone up by £2,000. Thus we increase the height of the trade creditors box by £2,000. What, though, is the other balance sheet entry? We haven’t actually bought the equipment so we can’t call it a fixed asset and the stationery is more or less used up during the year. These items are what we call the expenses of running the business. They reduce the profits made by selling stock and thus reduce the shareholders’ wealth.

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Accounting 1 (Quickstudy Reference Guides - Academic) by Inc. BarCharts


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