Statement of Financial Position / Balance Sheet Non-Current Assets long term assets vital for the running of the firm Current Assets short term assets converted into cash Inventory Trade receivables Cash at Bank etc Current Liabilities short term liabilities Non-Current Liabilities long term liabilties Net Assets TA - TL Capital Account (this is a title) Starting Capital Given Profit for the year Given Drawings Given if exists Closing capital SC+P-D Total Assets Total A Total Liabilities Total TL £ Total NCA Total CA
£ Non-Current Assets Current Assets Inventory Trade receivables Cash at Bank etc Total Assets Current Liabilities Non-Current Liabilities Total Liabilities Net Assets Capital Account Starting Capital Profit for the year Drawings Closing capital
Statement of Profit or Loss / Income Statement Sales £ (adding) £ (total) Cost of sales Opening inventory +Purchases -Closing Inventory Gross Profit sales - cost of sales Other income (income that is not sales ie rent interest etc) Expenses Net Profit Gross profit - Expenses