A partnership statement of financial position
The assets and liabilities are laid out as for a sole trader. The capital section shows a capital and a current account for each partner.
Task 1The assets and liabilities3 questions
The top of a partnership's statement of financial position is the same as a sole trader's. Non-current assets, plus net current assets, less non-current liabilities gives net assets.
| Balance | £ |
|---|---|
| Workshop equipment at cost | 60,000.00 |
| Accumulated depreciation on workshop equipment | 14,000.00 |
| Inventory | 12,000.00 |
| Trade receivables | 15,300.00 |
| Bank | 9,000.00 |
| Trade payables | 8,000.00 |
| Bank loan, repayable in four years | 10,000.00 |
Net current assets are current assets less current liabilities. The equipment is shown at cost less accumulated depreciation.
Task 2The capital section3 questions
Task 3Does it balance?2 questions