By Anthony Rice
Accounting is usually considered as a hugely technical and intricate topic. although, money owed are literally in response to uncomplicated ideas. It's now not corporation money owed which are advanced, it's all too frequently the way in which that they're defined. during this uncomplicated and straightforward learn e-book, the writer publications you thru all of the significant accounting ideas. become aware of tips on how to grasp corporation bills, comprehend stability sheets, revenue and loss debts and money movement platforms. learn how to examine and video display your company's monetary functionality. money owed Demystified is the definitive, elementary consultant to the basic ideas of accounting that no supervisor may want to be with no. during this fifth variation of the vintage bills Demystified, Anthony Rice makes accounting astonishingly uncomplicated and pain-free.
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Extra resources for Accounts Demystified: The Astonishingly Simple Guide to Accounting (5th Edition)
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.
Accounts Demystified: The Astonishingly Simple Guide to Accounting (5th Edition) by Anthony Rice