Income Statement And Balance Sheet Grade 10

The balance sheet details a company s assets and liabilities at a certain period of time while the income statement details income and expenses over a period of time usually one year.

Income statement and balance sheet grade 10. The balance sheet is like a photo of your bank account and. Financial statements are prepared. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. Preparing an income statement for a partnership preparing a balance sheet for a partnership as well as recording end of year adjustments.

Debtors age analysis 5. Prepare balance sheet for f. The following trial balance is prepared after preparation of income statement for f. In the absence of information about the date of repayment of a liability then it may be assumed.

Accounting grade 10 was published by khashane doctor on 2015 05 30. By studying the information on the statement you can tell what the business owns and what it owes as of a certain date. Green as at 31 march 2015 in both horizontal and vertical style. You are presented a financial statement and from it you can tell what the business owed looking at a financial statement.

The self study guide deals with the following topics. The balance sheet and income statement are both part of a suite of financial statements that tell the story of a business s history. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. Cash flow and ration analysis debtors collection and cash budgets consolidation.

Check pages 151 200 of accounting grade 10 in the flip pdf version. An income statement and balance sheet will be drawn up and together forms the financial statements of the business. The balance sheet and income statement are both important financial statements that detail the financial accounting of a company. Roe and dividing net income by total assets produces return on assets return on assets roa formula roa formula.

Inventory projected income statement consolidation. Green as at 31 march 2015. Revision video accounting grade 11 partnerships adjustments general ledger accounting equation final accounts financial statements. Disposal of tangible.

Find more similar flip pdfs like accounting grade 10. Accounting equation and analysis of transactions 2. Roe combines the income statement and the balance sheet as the net income or profit is compared to the shareholders equity. The purpose of this guide is to assist teachers and learners in grade 10 12 to manage and provide a detailed study of the accounting processes.

Company reporting inventory valuation vat and control companies financial statements.