An Introduction to Business Accounting for Managers by W. C. F. Hartley (Auth.)

By W. C. F. Hartley (Auth.)

Now in its 5th variation, this e-book dispels a lot of the mystique surrounding accounting and finance for the non-financial supervisor. it is going to allow the reader to speak extra successfully with monetary advisers and support to augment the standard of the monetary judgements that managers need to make. It comprises such issues as accounting for inflation, the importance of money administration and keep an eye on and the improvement of accounting criteria, lots of that have no longer been taken care of in any unmarried, fresh, aggressive work.

This absolutely revised and up-to-date model comprises new fabric on operating capital and administration, accounting laws and traditional surroundings, and at the "newer" accounting thoughts that experience lately been developed.

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A S C E R T A I N M E N T O F P R O F I T OR LOSS A N D F I N A N C I A L P O S I T I O N 27 The accounting period chosen is commonly a calendar year, hence the expression " A n n u a l A c c o u n t s " : meaning the profit a n d loss account a n d balance sheet for that year. However, whilst it is necessary t o know the financial position at least once a year for tax a n d other legal matters, it is often desirable t o know it at much more frequent intervals. Therefore an accounting period of 3 m o n t h s ' duration m a y be selected: indeed many businesses adopt a one m o n t h or a 4-week accounting period for internal reporting purposes.

Goodwill is thus indirectly related to profit because goodwill becomes more valuable as the potential profit from the balance sheet value of a business increases. A genuine purchaser asks himself two questions when valuing a business: what profit am I going to get from this business in future, under my m a n a g e m e n t ? ; what rate of return d o I want on my investment? Assuming that the business under consideration has estimated future maintainable profits of £300 per a n n u m and that I require a return of 20 percent per a n n u m on my investment, I am willing to pay 100 ^ - x £300 or £1500 20 for this business.

T o this capital is now added the profit retained for the year. The following extract from the X C o . Ltd. balance sheet as at 31st December 19 demonstrates the method: Capital and Reserves Authorized share capital 20,000 6% cumulative preference shares 80,000 ordinary shares of £1 each £ 20,000 80,000 £100,000 Allotted share capital 5,805 6% cumulative preference shares 79,811 ordinary shares of £1 each, fully paid 5,805 79,811 85,616 Profit and loss account Balance at end of previous year Add profit retained this year (transferred from profit and loss account) Equity interest AIBAM -E 15,000 10,000 25,000 110,616 50 A N I N T R O D U C T I O N TO BUSINESS A C C O U N T I N G FOR M A N A G E R S Note that the amount which appears in the balance sheet for profit and loss account each year will be the cumulative balance to date.

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