Budgeted statement of financial position

Question 1

Inventory =

Answer 1

Closing inventory from budgeted income statement

Question 2

Bank account =

Answer 2

Last year’s bank account + next year’s receipts - Next year’s payments

Question 3

Non-current liabilities =

Answer 3

balance at end of last year/loan received during year - expected repayments

Question 4

Capital at start of year =

Answer 4

Capital at end of last year

Question 5

Profit for year =

Answer 5

Profit for year from budgeted income statement