Slide 8.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 No double.

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Presentation transcript:

Slide 8.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 No double entry in balance sheets The following items are not ‘accounts’, and are therefore not part of the double entry system: Trial balance:This is simply a list of the debit and credit balances in the accounts. Income statement:This is a lot of revenues and expenditures arranged so as to produce figures for gross profit and net profit for a specific period of time. Balance sheet:This is a list of balances arranged according to whether they are assets, capital or liabilities.

Slide 8.2 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Non-current assets These are assets that: Were not bought primarily to be sold Are to be used in the business Are expected to be of use to the business for a long time. Examples include: Land and buildings Fixtures and fittings Machinery Motor vehicle.

Slide 8.3 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Current assets These are listed in increasing order of liquidity starting with the assets furthest away from being turned into cash. For instance: 1.Inventory 2.Amounts receivable 3.Cash at bank 4.Cash in hand.

Slide 8.4 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Liabilities There are two categories of liabilities: current liabilities and long-term liabilities. Current liabilities are items that have to be paid within a year of the balance sheet date. Non-current liabilities are items that have to be paid more than a year after the balance sheet date.

Slide 8.5 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 A properly drawn up balance sheet A properly drawn up balance sheet should have five categories of entries: Non-current assets Current assets Current liabilities Non-current liabilities Capital.