By Anthony Rice
Accounting is usually considered as a hugely technical and intricate topic. in spite of the fact that, money owed are literally according to uncomplicated rules. It's no longer corporation money owed which are advanced, it's all too frequently the way in which that they're defined. during this easy and straightforward learn publication, the writer publications you thru the entire significant accounting techniques. detect how you can grasp corporation debts, comprehend stability sheets, revenue and loss debts and funds movement platforms. discover ways to examine and video display your company's monetary functionality. debts Demystified is the definitive, basic advisor to the elemental ideas of accounting that no supervisor probably want to be with out. during this fifth version of the vintage debts Demystified, Anthony Rice makes accounting astonishingly uncomplicated and pain-free.
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Additional info for Accounts Demystified: The Astonishingly Simple Guide to Accounting (5th Edition)
I hear what you say, Chris, but look at Wingate’s cash flow statement on page 242. This shows a reduction in cash during the year of £308k. But the balance sheet on page 241 shows cash going down by only £5k from £20k to £15k. What you say is right, but there is a simple explanation. In accounting terms, an overdraft is like a negative amount of cash. It’s no different from your own current account really. e. you have a negative amount of cash. As it happens, Wingate had two bank accounts. One had a positive balance in it, the other was in overdraft.
We’ll see how to construct them in our next session. The profit & loss account Let’s start by looking at a hypothetical situation relating to an individual’s P&L. Assume you’re a fortune-hunter, Tom, after Sarah for her money. What would you want to know before asking her to marry you? How rich she is or, as you would say, what her net worth is. So if I told you that her net worth today is £25,000, and added that it was only £20,000 this time last year, what would you think of her as a target for your ‘affections’?
7 Sell £12,000 worth of stock for £30,000 on credit. 8 Rent equipment and buy stationery for £2,000 on credit. 9 Pay car running costs of £4,000. 10 Pay interest on loan of £1,000. 11 Collect £15,000 of cash from debtors. 12 Pay creditors £10,000. 13 Make a prepayment of £8,000 on account of stock. 14 Pay a dividend of £3,000. 15 Adjust for £2,000 of telephone expenses not yet billed. 16 Adjust for depreciation of fixed assets of £3,000. 17 Adjust for £4,000 expected tax liability. 1 16 Assets Claims Cash Share capital Assets Claims C R E AT I N G A B A L A N C E S H E E T Before this transaction, SBL had no assets and therefore no claims over those (non-existent) assets.