EMS 4

Assets

• Income

• Fixed Asset

• Current assets

• Expenses

• capital & drawings

owner's equity

• Income

• Fixed Asset

• Current assets

• Expenses

• capital & drawings

liabilities

• loans

• bank overdraft

• creditors control

• mortgage loans

• debtors control

assets definition

• A resource controlled by entity, as a result of past events, the future benefits are expected to flow to entity

• A resource controlled by entity, as a result of news events, the future benefits are expected to flow to entity

• A resource controlled by entity, as a result of past events, the future devaluates are expected to flow to entity

Fixed assets

• Land and building

• Bank, Trading stock, Debtores control

• Motor vehicles, Equipment

• Petty cash

Current assets

• Land and building

• Bank, Trading stock, Debtores control

• Motor vehicles, Equipment

• Petty cash

Income

• Current and Rent income

• Interest on CA, interest on fixed deposit

• Sales

• commissions

• Rent and motor expense

Expenses

• Rent and motor expense

• Salaries, wages, stationary, consumables and telephone

• Interest on over draft

• Current and rent income

• Sales

Income

• Increase (+)

• Decrease (-)

Expenses

• Increase (+)

• Decrease (-)