By Anthony Rice
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Extra info for Accounts Demystified: How to Understand Financial Accounting and Analysis
This effectively means that the shareholders have become poorer because, if all the assets were sold off, there would be less cash for the shareholders. In other words, there is a cost to the shareholders of Sarah using the car. Under the matching principle we need to allow for this cost in the accounts. 44 C R E AT I N G A B A L A N C E S H E E T The way we do this is as follows: ● We put the asset on the balance sheet initially at the price the company paid for it (as we did in Transaction 3).
What, though, is the other balance sheet entry? We haven’t actually bought the equipment so we can’t call it a fixed asset and the stationery is more or less used up during the year. These items are what we call the expenses of running the business. They reduce the profits made by selling stock and thus reduce the shareholders’ wealth. Our ‘double entry’ is therefore to reduce the retained profit box by £2,000, which makes our bars balance again. 9 Sarah had to pay for petrol, servicing, etc. on the car.
This means the claims bar goes up by £6,000 and the balance sheet remains in balance. You will remember that the claims of the shareholders (‘shareholders’ equity’) are made up of the capital invested plus the retained profit. Shareholders’ equity is therefore the £10,000 share capital Sarah put in plus the £6,000 retained profit from this transaction. SBL has done what companies exist to do: make their shareholders richer. 7 SBL subsequently sold £12,000 worth of stock for £30,000. The difference between this transaction and the last is that Sarah agreed that her customers need not pay immediately.