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Extra info for Accounts Demystified: How to Understand Financial Accounting and Analysis
The other entry is again retained profit, since the £4,000 would otherwise have belonged to the shareholders. Paying tax makes the shareholders poorer.
One of these is known as the accruals basis. e. are recognised) when the goods are handed over (or the services performed), not when the payment is made. Thus, as soon as SBL delivered the stock, we would say the sale had been made and enter it on the balance sheet, even though the customer had not yet paid. 32 C R E AT I N G A B A L A N C E S H E E T I’m not sure I see why this matters, Chris. It’s a question of when we say the profit was made. It may be clearer with a simple example. Assume that on Monday you buy two tickets to a concert for £40.
The value of an asset on a balance sheet is known as the net book value. Note that this is not necessarily what you could get for the asset if you sold it: it is the cost of the asset less the total depreciation on the asset to date. 16 Unfortunately, SBL is going to have to pay some corporation tax, which is the tax payable on companies’ profits. Tax is not easy to calculate accurately, because the Inland Revenue has complicated rules. We can make an estimate, though, and I would think that £4,000 will be fairly close.