balance sheet, P&L, Trial balance - is there an easy way?

System

Hi
Does anyone know an easy way of rememebering what items go on the balance sheet, P&L and Trial balance.
it gets confusing..

System

Re:balance sheet, P&L, Trial balance - is there an easy way?

Hi,
Profit and Loss shows income and expenses.
Balance Sheet shows assets and liabilities.

Income - expenses = net profit ( or loss )

Assets - liabilities = capital

Assets = what the business owns
1. Fixed assets ( premises, vehicles )
2. Current assets ( debtors, bank, cash, prepayments)

Liabilities = what the business owes
1. Current liabilities ( creditors, VAT, accruals )
2. Long term liabilities ( bank loans )

Hope will help you

System

Re:balance sheet, P&L, Trial balance - is there an easy way?

Hi

Don't know if this helps but the balance sheet items are those that are carried over to the following year ie bank accounts etc, P&L items are accounts that only affect this year, i.e. rent, purchases sales.

Good luck