The balance sheet is a fundamental accounting report and forms the basis for many other reports. A balance sheet is a financial “snapshot” of your business at a given date in time. It includes your assets, liabilities, and your business’s net worth (also known as equity). The balance sheet will tell you about the financial health of the […]
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The accounting rules and conventions for recording the business transactions of limited companies and then preparing their final accounts are much the same as for sole trader. For example, companies will have a cash book, sales day book, purchase day book, journal, sales ledger, purchase ledger and nominal ledger. They will also prepare a profit […]
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There are many company houses registering financial data accounts of companies that are present within their vicinities. These accounts have to be filed with these registration houses at the end of each year. Under this rule, the registered companies are required to supply financial summaries of their annual performance to these company houses. Apart from […]
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