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They include that part of non-current loans due for repayment within 1 year. Non-current liabilities are those that are due for repayment more than one year after the balance sheet date. m. FUNDAMENTALS OF FINANCIAL ACCOUNTING The total value of Nadim’s assets on 1 January is $322,000; his liabilities totalled $257,000. Therefore his capital must be $65,000: Assets = Liabilities + Capital 322 000 = 257 000 + 65 000 We can now prepare Nadim’s balance sheet. Balance sheet of Nadim at 1 January Assets Non-current asset Land Buildings $’000 $’000 200 60 260 Current assets Inventories Receivables Bank balance Cash in hand 10 15 32 5 Liabilites Capital Non-current liabilities Bank loan Current liabilities Payables 62 322 $’000 65 240 17 322 We can see from the above that the balance sheet could be used to calculate the value of capital.
You may be wondering exactly what is meant by saying that capital is an amount ‘owed’ by the business to its owner. How can the business ‘owe’ anything in this way? How has it incurred a debt? The answer is that when a business commences, it is common for the owners to ‘invest’ some of their private resources in the business. As the business operates it generates its own resources in the form of proﬁts, which technically belong to the owner. Some of the proﬁts may remain in the business, while some may be withdrawn by the owner in the form of goods or cash.
Despite its apparent artiﬁciality, the importance of this convention will become apparent in the next section, where we look at an arithmetic relationship called the accounting equation. 3 The accounting equation The accounting equation shows that: Assets = Liabilities + Capital What do these terms mean? Asset: A resource that may be used by a business or other organisation to derive revenue in the future. Examples of assets are land, buildings, plant and machinery, motor vehicles, inventories of goods, receivables, bank balances and cash.