I have given a model of a ''Statement of Financial Statement'' ... It is related to the Homework on Booksellers (for Wednesday 14 April 2021)
My comments are found below:
COMMENTS:
1. Non-Current Assets:
- Prepare this section as you do usually... no difference
2. Current Assets
- Same as for Sole-trader and Partnership...
3. Equity
- Just take all ''Balances at end'' form the ''Statement of Changes in Equity'''
- You will get 'Own Figure' marks
4. Non-Current Liabilities
- You put the amount of the Debenture...not debenture interest.
- You put also the 'Redeemable Preference Share Capital' ...
- Can also put any Bank Loan
5. Current Liabilities
- Trade Payables as usual
- Bank Overdraft ..if any
- Taxation due (which you put also in the Income Statement at the end)
- Debenture Interest DUE.. you must calculate by taking the 'Debenture Payable' found in the Income Statement
and
you MINUS any 'Debenture Interest Paid' found in the TRIAL BALANCE.
- Record any Redeemable Preference Dividend OWING...must calculate what has not been paid..
- Record also remaining 'OTHER PAYABLES'
YOUR ANSWER FOR THE BALANCE SHEET OF '''BOOKSELLER LTD'' WILL BE SIMILAR TO THE ABOVE BALANCE SHEET(SOFP)