16+ Unique Sole Proprietor Balance Sheet Example

In simple terms a balance sheet shows.

Sole proprietor balance sheet example. A PL usually has five main components. Partners draw shows money and other assets the partner takes from the business for personal use. On the next line place the account title Owners Name Capital in this case the owners name is AL.

A balance sheet summarises your assets equity and liabilities at the financial year end. An estimate sent a week seems lazy and provides the customer reason to shop about for a better deal. Like sole proprietors this is how the partners get paid.

As at 28 February 2012. Owners Equity For the balance sheet to reflect the true picture both heads liabilities assets should tally. We recommend only using software if you need to.

Stuck on math homework. Once the debts are paid off the owner can claim their equity of 100000. Revenue salesturnover cost of goods sold COGS gross profit revenue minus COGS expenses.

Cost of items used. Assets What it owes. This example of a simple balance sheet is fully customizable and ready to print.

I Accounting equation The balance sheet is based on the following fundamental accounting equation Assets Owners Equity Liabilities A OE L When compiling your balance sheet you need to keep the accounting equation in mind. The balance sheet classifications and blank lines are ready for you to drop in the amounts for your business. Fixed assets eg premises vehicles computers current assets eg stock of goods for resale debtors money.