By Anthony Rice

Accounting is mostly seen as a hugely technical and complicated topic. in spite of the fact that, bills are literally according to basic ideas. It's now not corporation bills which are advanced, it's all too usually the way in which that they're defined. during this easy and simple learn publication, the writer courses you thru the entire significant accounting ideas. realize how you can grasp corporation bills, comprehend stability sheets, revenue and loss bills and funds circulate structures. learn how to examine and video display your company's monetary functionality. money owed Demystified is the definitive, effortless consultant to the elemental rules of accounting that no supervisor may want to be with no. during this fifth variation of the vintage bills Demystified, Anthony Rice makes accounting astonishingly basic and pain-free.

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Extra info for Accounts Demystified: The Astonishingly Simple Guide to Accounting (5th Edition)

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This time, however, the cash bar does not change. Instead, we have created a liability to the supplier. 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.

That’s all there is to it. 44 THE PROFIT & LO S S A C C O U N T A N D C A S H F LO W S TAT E M E N T The cash flow statement Let’s now go back to your fortune hunting for a moment, Tom. Suppose you have discovered that Sarah’s current net worth is actually £10m, having risen from £9m this time last year. You have seen the equivalent of her P&L which shows that this rise in her net wealth is due to all the interest on money in various deposit accounts. In short, you expect this increase in her already vast wealth to continue.

2 18 Cash Cash Share capital Assets Claims Share capital Assets Claims C R E AT I N G A B A L A N C E S H E E T SBL needed more cash than Sarah could afford to invest herself, so she persuaded her parents to lend the company £10,000. Immediately before this transaction, the balance sheet looks as it did immediately after the last transaction (with £10,000 of cash and £10,000 of share capital). As a result of this transaction, the company has more cash in its bank account. Hence the cash box gets bigger by £10,000.

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