Balance Sheets and P+L's

jackiepowell

Hi All

Hope you can help me!
I am starting to get really worried about the FRA Exam, i do not want to fail it!!
I seem to be struggling with remembering the Balance Sheets and Profit and Loss Accounts from memory.
I am fine with refering to ones in the book when i complete a new one, but i cant do that in the exam!! lol... (wish i could)
But when i come to do it from memory on a blank piece of paper, i am so stuck.

Please help!
Thanks
Jackie :001_smile:

George Tse

Hello jackiepowell

With the balance sheet the lay out is pretty much like this:

Fixed Assets
Land and Buildings
Fixtures and fittings
Office Equipment
Motor Vehicles etc...

Current Assets
Stock
Debtors
Less provision for bad debts
Prepayments
Bank
Cash

Less Current Liabilities
Creditors
Accurals
VAT
Bank O/D
Net Current Assets

Less Long-Term Liabilities
Bank Loan etc
Capital Employed

Financed By
Capital
Add Net Profit
Less Drawings
Closing Capital

or for partnership accounts

Financed by
Capital Accounts
Current Accounts
Closing capital

Hope this helps u remember the ballance sheet for the trading profit and loss account there are diffrent ways to do it do ull have to look up that one XD

jackiepowell

Thanks for that, i will have to get memorising, it will go in with practise wont it?

Thans again
Jackie

Lou Osborne

Someone told me of an easy way to remember which order to put the the Current Assets in:

Snowy
Days
Probably
Before
Christmas

If you take the first letter of each you get:

Stock
Debtors
Prepayments
Bank
Cash

The only thing to remember is to add the take the provison for bad debt from the debtors.

George Tse

XD I thank thats cool lou !! wiked way to remember lol XD I had to force my self to remember the layout it took some time but i finally got it