Balance Sheet - Long Term Liability

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Looking at all the past papers they do not include a long term liability. Should one come up how would you treat it on the blance sheet as per below. The only one I can think of is a loan<BR><BR>Fixed Assets <BR>Current Assets<BR>Current Liabilities<BR>Net Current assets (Current assets - current liabilities)<BR>Net Assets (net current assets + fixed assets)<BR><BR>Thanks and good luck to everyone

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Balance Sheet - Long Term Liability

    Fixed Assets<BR>Current Assets<BR>Current Liabilities<BR>Net Current assets (Current assets - current liabilities)<BR>*** Insert "Less long term liabilities" here after working out Working Capital/net assets - examples could be Lone or mortage.<BR>Net Assets (net current assets + fixed assets ***minus long term liabilities)<BR><BR>Hope that helps
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Balance Sheet - Long Term Liability

    That's great<BR><BR>Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Balance Sheet - Long Term Liability

    With long term liabilites, for example a loan, will they ever expect us the calculate the amount due, by repayments less interest (calculated through sum of digits method)?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Balance Sheet - Long Term Liability

    wud b harsh if they did it aint on the sylabus i dont think<BR>

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