By Anthony Rice
Accounting is mostly considered as a hugely technical and complicated topic. even if, debts are literally in response to basic rules. It's now not corporation debts which are complicated, it's all too usually the way in which that they're defined. during this basic and simple learn ebook, the writer courses you thru all of the significant accounting thoughts. detect the way to grasp corporation money owed, comprehend stability sheets, revenue and loss debts and money move structures. learn how to examine and display screen your company's monetary functionality. money owed Demystified is the definitive, straight forward consultant to the basic rules of accounting that no supervisor may want to be with out. during this fifth version of the vintage bills Demystified, Anthony Rice makes accounting astonishingly basic and pain-free.
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Extra resources for Accounts Demystified: The Astonishingly Simple Guide to Accounting (5th Edition)
Thus SBL paid £1,000 in interest at the end of the year. This was paid in cash so the cash box goes down again by £1,000, and once again it is the poor old shareholder who suffers: retained profit goes down by £1,000. 11 As we have already seen, in the course of the year, Sarah sold stock for £30,000 to be paid for at a later date. We accounted for this in Transaction 7. Later in the year, she actually collected £15,000 of the £30,000 owed by her customers. The entries for this transaction are very straightforward.
Take SBL as an example. In Transaction 7, SBL sold stock for £30,000 but agreed that the customers need not pay for a while. As we saw, this made the shareholders richer, but did not immediately bring in any cash. Later, in Transaction 11, some of this cash was collected. If it hadn’t been, though, and SBL had still been obliged to pay its suppliers, SBL would have run out of cash completely. Far more small companies go out of business through running out of cash than by being inherently unprofitable.
At the same time, however, a liability has been created. At some point the company will have to repay Sarah’s parents the £10,000. They have said they will not ask for repayment for at least three years, so this is a longterm loan. Notice two things: The two bars remain the same height. Sarah, as the shareholder, has not been made richer or poorer by this transaction – she still has a claim over £10,000 worth of the company’s assets. 3 Before Sarah could start business, she needed a car to visit potential customers and deliver stock.