Elements of Financial Statements

Asset Liabilities
Non-Current Current Non-Current Current
Building Bank Balance Long-Term Loan Current Tax payable
Machinery Account Receivable Tax liability Trade payables
Land Closing Inventory/stock Lease Liability Other Payables
Plant Short-term investment Debentures Provision for legal claim
Vehicle Unused Supplies Bills payable Dividend Payable
Long-Term investment Unused Stationary Note payable Salaries payable
Trademarks Short-term loans Loan from Directors Interest payable
Goodwill Service fee receivable Loan from Partners Commission payable
Investment Property Cash in hand Deferred liabilities Legal charges payable
Furniture Tax refund Gratuity payable Electricity bill payable
Patents Claim receivable Security deposits Rent payable
Software Dividend receivable Fuel charges payable
License Prepaid salaries Telephone bill payable
Leased asset Prepaid Commission Insurance payable
Computers Prepaid Wages Wages payable
Equipment Prepaid Legal charges Audit fee payable
Electric Installation Prepaid membership fee Custom duties payable
Capital Work in Progress Prepaid subscriptions Advances from customers
Security deposits Prepaid insurance Bank charges payable
Long term advances Uncredited cheques Marketing expense payable
Advances to supplier Penalties payable
Prepaid rent License fee payable
Subscription receivable Royalty payable
Membership fee receivable Lease liability
Other receivables Service fee payable
Spare parts & tools Donation payable
Income Expenses
Revenue from Sale Salaries Wages
Dividend Interest on loan Web hosting charges
Commission Bank Charges Research expense
Rent Income Legal & Professional Fee Entertainment charges
Interest on investment Repairs & Maintenance Commission
Gain on sale of assets Rent Audit fee
Scrap sale Power charges Office supplies
Membership fee Printing and stationary Health and safety
Subscriptions Royalty paid Penalties
Royalty Insurance premium Annual Subscription
Service fee Utility Bills Donations
Grants Advertisement Loss on sale of assets
Donations Telephone and internet Depreciation
Subsidy Tax payment Bad debts
Token fee/Tickets Fuel Charges Transportation charges
Equity
Capital Share Capital Drawing/Dividend General Reserve
Accumulated Profit/Un-appropriated profit/Retained earning-------(Loss) Revaluation Reserve
Additional Capital/Bonus Share/Right Shares

Abdul Salam SKANS School of Accountancy (CAF-01) Autumn-2021