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41-45 Final Accounts ( (Trading period - length of time a final account is…
41-45 Final Accounts
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Trading account - details about good and services that were bought and sold during the previous year.
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Balance sheet
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Financed by = issued share capital + reserves + long term liabilities = capital employed = (total net assets)
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Current assets:
-bank accounts
-cash on hand
-closing stock
-bills receivable
-trade debtors
-income due
-expense prepaid
Fixed assets;
-Land and buildings
-premises
-machinery
-motor vehicles
-equipment
-furniture and fittings
-depreciation
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Expenses:
-interest on loans
-fees
-bad debts
-repairs
-carriage outwards
-advertising
-expenses
-fuel
-packing material
-rent and rates
-salaries and wages
-insurance
-light/ heat
-telephone
-postage and stationary
-administration costs
-cleaning and maintenance
-depreciation
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Trading account:
-sales / sales returns
-purchases / purchases returns
-opening stock
-closing stock
-carriage inwards
-import / custom duties