Also, advantages of double entry system would be:Ok working on it
Greater level of accuracy
Less fraud, erros
Easier to prepare final accounts with accuracy etc
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Also, advantages of double entry system would be:Ok working on it
Ohh ok...thnx I didnt noe abt that systemOh, lol! Just checked it! it's a single entry system!
When you have single entry system you prepare statement of Affairs and use the equation Assets - liabilities = capital
Thus, you just write the capital like that!
Guys urgent pls ! When adding the net current assets to the non current assets ,dont we get net assets ?
Is net assets anpther word for capital employed or ar they different cuz in the balance sheet layout i have it says net current assets + non current assets = capital employed then - long term liabilities = net assets
If he gave me in the question a value for the goodwill, will it be added to the balance sheet or not?Yes.
If he gave me in the question a value for the goodwill, will it be added to the balance sheet or not?
Im sorry i didnt understand could u please give me the balance sheet layout starting from net current assetsYes,but net assets is more appropriate to use in the assets section
as capital employed is usually defined as :
Capital Employed= Shareholder's Fund + Non-Current Liabilities(if present)
Or
Capital Employed= Shareholder's Fund
(more appropriate to use in the financed by section )
Nevertheless,
Marks are not deducted at all
Even marking schemes don't have those terms at all in any balance sheet
Im sorry i didnt understand could u please give me the balance sheet layout starting from net current assets
it is placed as a non-current intangible asset in balance sheet!No, as goodwill is an intangible asset
Balance Sheet only contains tangible assets
i Don't know thatit is placed as a non-current intangible asset in balance sheet!
Haha! Same..i Don't know that
But how did the balance sheet balance??
with that we can see whether goodwill is included or not
but, i am just happy that i was not in such a "concussion"
And anyways, i am done with IGCSE's 2014
Haha! Same..
They must have prepared the question in such a way for it to balance
How much are you expecting in P2?
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