SS2 Second Term Financial Accounting Lesson Note – The Company Balance Sheet

Authorized capital:

1,000 Ordinary share of N1 each                   x

3% 400 Pref. share of N0.50 each                  x

     X

Issued capital:

750 Ordinary shares @ N1 each                   x

3% 300 Pref. shares @ N0.50 each              x

Reserves:

Retained profit                      x

Share premium                      x

Revaluation reserve               x

General reserve                     x

Revenue reserve                   x                     x

Long Term Liabilities:

5% Debentures                                           x

Current Liabilities:

Bank loan                        x

Overdraft                        x

Trade creditors               x

Bills payable                  x

Accrued expenses         x

Prepaid income               x

Taxation                         x

Proposed dividend        x   x

 xx

Fixed asset:               Cost     Depr         NBV

Land & Building            x            x             x

Plant & Machinery        x            x             x

Fixture & Fitting            x            x            x

Equipment                      x             x           x

Premises                          x         x      x

  x              x          x

Investments:

Quoted Investment                   x

Unquoted Investment              x            x

Intangible Assets:

Goodwill                          x

Patents                            x

Copy rights                         x

Development                       x                          x

Currents assets:

Stock                                    x

Debtors                                 x

Bank                                     x

Cash in hand                        x

Accrued income                   x

Prepaid expenses                 x

Bills receivable     x                             x

    xx