Company Accounts by Roger Oldcorn (auth.)
By Roger Oldcorn (auth.)
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Here is a list of the main points; if you are uncertain about the meaning of any term go back to the page given and check up on that term before going on. Plant (p. 14) Stocks (p. 15) The human asset (p. 14) Work in progress (p. 15) Finished goods stocks (p. 24) Debtors (p. 16) Current assets (p. 17) Fixed assets (p. 17) Liquidity (p. 18) Quick assets (p. 18) Prepayments (p. 18) Goodwill (p. 19) Intangible assets (p. 19) Depreciation (p. 21) Appreciation (p. 21) Prudence (p. 22) Asset life (p. 22) 3 The Balance Sheet (2) - Capital and Liabilities In this chapter you will be able to find out about the 'other side' of the balance sheet.
In total therefore the authorized share capital amounted to 25 million shares of 20p each and 20 million shares would be issued. To put all this into effect a meeting had to be called of all the existing shareholders and they were asked to vote on the proposals. A meeting of this nature is legally necessary and is called an 'extraordinary general meeting of the company'. The whole affair was presented in the accounts of the company at the end of the year in this way: Share capital Authorized 25 000 000 ordinary shares of 20p each Issued 20 000 000 ordinary shares of 20p each £5 000 000 £4 000 000 It is usual to add the words 'fully paid' to this last line and if there are any shares issued but which have not been paid for, a note to that effect has to appear in the accounts too.
Sometimes a business makes a sale on credit and then finds the customer either disappears or will not pay. In this case the prudent firm will call the debtor a 'doubtful debt' and ignore it in the asset valuation. 8 Summary All business organizations need assets - even if it is only cash in the bank. As we have seen it is possible to have many different types of asset and it seems a good idea to have plenty of assets because they form the basis of the business; without them it would be impossible to operate.