Notes Flashcards
Note 1
Interest income
Interest income
From investments /fixed deposit
From overdue debtors
From current bank account
Note 2
Interest expense
Interest expense
On loans
On overdraft
Note 3
Fixed assets
Fixed assets
Carrying value at the beginning of the year for land and buildings, vehicles, equipment and total.
Cost of each one
(Opening balance of Accumulated depreciation which land and building doesn’t have but others do plus the new one)
Movements
Additions at cost which is none
Disposal at carrying value which is none
(Depreciation which land building doesn’t have)
Carrying value at the end of the year
Cost
(Accumulated depreciation) (depreciation plus Accumulated depreciation which will subtract the cost)
Note 4
Inventory
Inventory
Trading stock
Consumables on hand
For the pre adjustment income statement
Always show the working out next to the name to not lose marks
Note 5
Trade and other receivables
Trade and other receivables
Trade debtors
Consumables on hand
Income receivable/accrued income
Expenses prepaid
Note 6
Cash and cash equivalents
Cash and cash equivalents
Fixed deposit
Bank
Cahs float
Note 7
Owners equity
Owner’s equity
Balance at the beginning of the year
Net profit for the year(the end amount of income statement)
Additional capital contributions
Drawings
Balance at the end of the year is the total
