Chapter 19: Final accounts of the Sole Trader

Transparency 19.1 - an overview

(A1) (C1) (L1)

Accounting ASSETS = CAPITAL + LIABILITIES

Equation:

___ ___ ___

Beginning of + + +
accounting
period

Profit & Loss a/c

Drawings a/c

___
+

(A2) (C2) (L2)

ASSETS = CAPITAL + LIABILITIES

End of ___
accounting + ___ + ___
+
period
Drawings Net Profits