The format of a Balance Sheet/Statement of Financial Position

////The format of a Balance Sheet/Statement of Financial Position

The format of a Balance Sheet/Statement of Financial Position

ZIMSEC O Level Principles of Accounts Notes: The format of a Balance Sheet/Statement of Financial Position

The Name of the Business(The Name of the Sole Trader is used in Sole Trader Businesses)

Statement of Financial Position as at 31 December 2016

$$
Non-current Assets
Buildingsxxx
Motor Vanxxx
Fixtures and Fittings

xxx

xxxx
Current Assets
Stockxxx
Debtorsxxx
Bankxxx
Cash

xxx

xxx
Total Assets

xxxx

Capital (Equity)
Capitalxxx
Profit for the yearxx
Retained Earnings

xx

xxx
Less drawings

(xx)

xxxx
Non-current Liabilities
Long term loanxxxx
Current Liabilities
Accrued Expensesxxx
Accounts payable (creditors)xxx
Prepaid income

xx

xxx

xxxx

  • The name of the business is to be replaced by the name of the sole trader if the books being ┬áprepared are those of a sole trader business
  • The name is replaced by the name of the partners if the accounts being prepared pertain to a partnership business
  • The date of the Balance Sheet/Statement of Financial Position depends on the question in the examination and it varies from business to business in the real world
  • As already stated the exact items found in each Balance Sheet varies from business to business
  • If an item does not exist do not create its line for example if Long term liabilities do not exist do not write up the line

To access more topics go to the Principles of Accounts Notes.

By |2018-08-01T08:15:36+00:00March 6th, 2016|Notes, Ordinary Level Notes, Principles of Accounts Notes|Comments Off on The format of a Balance Sheet/Statement of Financial Position

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He holds an Honours in Accountancy degree from the University of Zimbabwe. He is passionate about technology and its practical application in today's world.
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