Partnership Account Formats (AS Level): Statement Of Financial Position (Partnership) Format (Copy)

Statement Of Financial Position (Partnership) Format

Standard Partnership Statement Of Financial Position Layout (Exam-Preferred)

Statement Of Financial Position As At ………

• Total Assets Must Equal Total Equity And Liabilities
• Capital And Current Accounts Shown Separately When Fixed Capital System Is Used

Written And Compiled By Sir Hunain Zia (AYLOTI), World Record Holder With 154 Total A Grades, 7 Distinctions And 11 World Records For Educate A Change AS Level Accounting Full Scale Course

Partnership Statement Of Financial Position With Fluctuating Capital Accounts

Statement Of Financial Position As At ………

• Current Accounts Not Shown Separately
• All Partner Balances Included In Capital Section

Partnership Statement Of Financial Position With Net Current Assets Presentation

Statement Of Financial Position As At ………

• Net Current Assets Format Accepted
• Clear Labelling Mandatory

Written And Compiled By Sir Hunain Zia (AYLOTI), World Record Holder With 154 Total A Grades, 7 Distinctions And 11 World Records For Educate A Change AS Level Accounting Full Scale Course

Capital Section Presentation Rules (Partnership)

Fixed Capital System

• Capital Accounts Shown Under Capital
• Current Accounts Shown Separately

Fluctuating Capital System

• Only Capital Accounts Shown
• No Current Accounts Presented

Typical Items Included In Partnership Statement Of Financial Position

Non-Current Assets

• Property
• Equipment
• Motor Vehicles

Current Assets

• Inventory
• Trade Receivables
• Cash And Bank
• Prepayments

Current Liabilities

• Trade Payables
• Accruals
• Bank Overdraft

Written And Compiled By Sir Hunain Zia (AYLOTI), World Record Holder With 154 Total A Grades, 7 Distinctions And 11 World Records For Educate A Change AS Level Accounting Full Scale Course

Presentation Rules For Partnership Statement Of Financial Position (Exam Scoring)

• Heading Must State “Statement Of Financial Position”
• Date Must Be “As At”
• Assets Listed Before Equity And Liabilities
• Correct Capital System Applied
• Totals Must Balance

Common Labels Used In Partnership Statement Of Financial Position

• Partners’ Capital
• Partners’ Current Accounts
• Trade Receivables
• Trade Payables
• Non-Current Assets
• Current Liabilities

Written And Compiled By Sir Hunain Zia (AYLOTI), World Record Holder With 154 Total A Grades, 7 Distinctions And 11 World Records For Educate A Change AS Level Accounting Full Scale Course

Compact Partnership Statement Of Financial Position Template (Emergency)

Statement Of Financial Position

Assets xxxx
Partners’ Capital xxxx
Liabilities xxxx
Totals Equal

One-Glance Exam Template

Partnership SOFP
Assets On Top
Capital Then Liabilities
Apply Correct Capital System