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WEEK 9
TOPIC: BALANCE SHEET
Sub-topic 1: (i) Meaning of Balance Sheet
Balance Sheet is the financial position of an organization at any given point of time, e.g it shows what a business owns, (asset) those it owes, (liabilities) and the net worth (capital).
(ii) Items on a Balance Sheet
Items on a Balance Sheet are
(1) Assets e.g., Plants and Machinery, Motor Vehicle, Land and Building, Freehold Premises, Furniture and Fitting, Stock, Cash, Debtor, Bank, Goodwill and prepayment.
(2) Liabilities e.g., Debenture, Long term loan, Short term loan, Overdraft, Creditors and accrued expenses.
(3) Capital = Net Profit – drawing.
(iii). Uses of Balance Sheet
(iv). Classification of items in the Balance sheet.
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