By Anthony Rice
This can be the hot variation of the bestselling consultant to figuring out and utilizing enterprise money owed and accounting ideas, written in a fashion that even the financially fearful beginner can simply take in. Accounting is mostly considered as a hugely technical and intricate topic. although, debts are literally in response to basic rules. it isn't corporation debts which are advanced, it is all too frequently the best way that they're defined. during this easy and simple learn e-book, the writer courses you thru all of the significant accounting recommendations. realize the best way to grasp corporation money owed, comprehend stability sheets, revenue and loss debts and funds stream structures. learn how to examine and computer screen your company's monetary functionality. bills Demystified is the definitive, ordinary advisor to the basic ideas of accounting that no supervisor should want to be with out. during this fifth variation of the vintage debts Demystified, Anthony Rice makes accounting astonishingly uncomplicated and pain-free.
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Extra info for Accounts Demystified, Fifth Edition: The Astonishingly Simple Guide to Accounting
12 In the same way that Sarah sold stock on credit, she also bought £22,000 of stock and other goods on credit. Obviously, these things have to be paid for eventually and, during the first year, £10,000 was paid out to creditors. The cash box goes down by £10,000 and the trade creditors box goes down by £10,000 since the company now owes less than before. As with collecting cash from trade debtors, this transaction has no impact on profit. 13 Towards the end of the year, Sarah paid a new supplier in advance for some stock.
It’s exactly what we’re doing when we change two boxes to enter a transaction. As you can see, there is nothing very difficult about it. The ‘double entry’ of transactions on a balance sheet is the way we apply the fundamental principle that the assets must always equal the claims. 5 Sarah subsequently persuaded her supplier to agree that SBL need not pay until sixty days after delivery of the stock. ). The stock bar therefore goes up by the amount of new stock (£20,000). This time, however, the cash bar does not change.
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.
Accounts Demystified, Fifth Edition: The Astonishingly Simple Guide to Accounting by Anthony Rice