HOW ANALYSE YOUR ACCOUNTING WITH THE BALANCE SHEET
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Find out how to analyse your accounting with the Balance Sheet below.
The Balance sheet is a financial report which is used to analyse your company’s assets and liabilities.
Assets are elements which bring value to your business. They include:
1) Cash in hand/ Cash at bank.
2) Debtors balance.
3) Fixed assets (The depreciated value of the furniture, machinery, equipment and building).
4) The value of your stock.
5) VAT you paid on your purchases but have not yet claimed back.
6) Goodwill is the value of the brand your business is estimated to be worth above it’s fair value…
– Fair value is calculated by Substracting Liabilities from Assets.
Liabilities include the elements which reduces the value of your business. They include:
1) Creditors (Amounts your company owes to your suppliers).
2) VAT you have collected from your sales but are yet to pay.
3) The capital of your business (Money your business owes to its shareholders).
4) Loans.
5) Other taxes…
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What does a Balance sheet report look like?
The balance sheet report is traditionally presented as seen below: In total value.
A balance sheet always presents data using a ‘start period’ and to an ‘end period’.
Fig. 1 shows an example of a summary Balance Sheet and it’s categories
Fig. 2 shows an example of a balance sheet by department
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