format of the balance sheetit shows the financial

Question

Format of the Balance Sheet

It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should be classified between current and non-current portions.

Currently, the standard requires the first part of  the balance sheet to show the total assets (i.e. non-current assets + current assets) and the second part of the balance sheet to show equity and liabilities. Equity is the shareholders funds while liabilities are the total of non-current and current liabilities.

The format of the balance sheet is given as follows:

ABC LTD BALANCE SHEET AS AT 31/12/
NON-CURRENT ASSETS	£	£
Property, plant and equipment		x
Goodwill		x
Other intangible assets		x
Investment Longterm		x
		x
CURRENT ASSETS
Inventory	x
Accounts receivables and prepayments	x
Short-term investment	x
Cash at bank and in hand	x	x
TOTAL ASSETS		xx
EQUITY AND LIABILTIES
Preference share capital		x
Ordinary share capital		x
		x
RESERVES
Share premium	x
Revaluation reserve	x
General reserve	x	x
Retained profits		x
Shareholders funds		x
NON-CURENT LIABILITIES
Loan stock/debentures	x
Redeemable preference shares	x
Deferred tax	x
Other long-term provisions	x	x
CURRENT LIABILITIES
Bank overdraft	x
Trade and other payables (accruals)	x
Current tax (tax payable)	x
Current portion of loan stock	x
Prepared dividends (and shares or preference shares)	x	x
TOTAL EQUITY AND LIABILITY		xx