LLC Statement Of Financial Position Flashcards
1
Q
What sections are the same as sole traders (5)?
A
Non-current assets Current assets Total assets Non-current liabilities Current Liabilities
2
Q
What is the capital section changed to?
A
Equity and liabilities section
3
Q
Equity =
A
Issued share capital + capital reserves + revenue reserves
4
Q
Equity section 1
A
Ordinary shares +
5
Q
Equity section 2
A
Share premium +
6
Q
Equity section 3
A
Revaluation reserve +
7
Q
Equity section 4
A
Retained earnings +
8
Q
Non-current liabilities section 1
A
Debentures +
9
Q
Current liabilities section 1
A
Trade payables +
10
Q
Current liabilities section 2
A
Accruals +
11
Q
Current liabilities section 3
A
Tax liabilities +
12
Q
Current liabilities section 4
A
Bank overdraft +
13
Q
Current liabilities section 5
A
Total equities and liabilities (sum)
