By Anthony Rice
This can be the recent version of the bestselling advisor to knowing and utilizing company bills and accounting ideas, written in a manner that even the financially frightened amateur can simply take in. Accounting is mostly seen as a hugely technical and intricate topic. notwithstanding, bills are literally in response to easy ideas. it is not corporation money owed which are complicated, it is all too usually the way in which that they're defined. during this basic and simple learn ebook, the writer publications you thru the entire significant accounting strategies. realize the right way to grasp corporation debts, comprehend stability sheets, revenue and loss bills and money circulate structures. discover ways to examine and visual display unit your company's monetary functionality. debts Demystified is the definitive, trouble-free advisor to the basic rules of accounting that no supervisor should want to be with out. during this fifth variation of the vintage debts Demystified, Anthony Rice makes accounting astonishingly easy and pain-free.
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Additional info for Accounts Demystified, Fifth Edition: The Astonishingly Simple Guide to Accounting
The supplier has a claim over some of the assets of the company. Liabilities to suppliers are called trade creditors. Thus we create a new box on the claims bar called trade creditors with a height of £20,000. Notice that, despite the transactions to date, nothing has been done which has made Sarah, as the shareholder, richer or poorer. e. £10,000. 6 SBL sold, for £12,000 paid cash on delivery, stock which had only cost SBL £6,000. The £6,000 profit is not owed to anyone else, so it must belong to the shareholders.
Paying by cheque or banker’s draft means that the cash goes out of your bank account almost immediately, so we call that a cash payment. 4 The first stock of silk flowers that Sarah bought had to be paid for at the time of purchase, as the supplier was nervous about SBL’s ability to pay. This transaction is very similar to the previous one. The cash box goes down by another £8,000, but SBL has acquired another asset, stock, which is worth £8,000. Thus we create another box on the assets bar called stock with a height of £8,000.
If an asset has lost some value, the shareholders must have become poorer, so again we reduce the retained profit by £3,000. The value of an asset on a balance sheet is known as the net book value. Note that this is not necessarily what you could get for the asset if you sold it: it is the cost of the asset less the total depreciation on the asset to date. 17 36 Fixed assets Trade creditors Stock Fixed assets Stock Accruals Trade debtors Loan Share capital Prepayments Cash Retained profit Assets Claims Trade creditors Accruals Tax Trade debtors Prepayments Loan Share capital Cash Retained profit Assets Claims C R E AT I N G A B A L A N C E S H E E T Unfortunately, SBL is going to have to pay some corporation tax, which is the tax payable on companies’ profits.