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Of ASSETS and LIABILITIES and STATEMENTS of FINANCIAL AFFAIRS Form

Of ASSETS and LIABILITIES and STATEMENTS of FINANCIAL AFFAIRS Form

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hello i welcome you all to a accounting tutorials if you haven't subscribed to my channel kindly click on the subscribe button on your devices okay today we are going to look at final accounts of associated how sole traders prepare their final account at the end of the period but in part one of this video we look at how sole traders prepare their trading profit or loss account that is the income statement but in this particular section we are going to look at how sole traders prepare their balance sheets or statement of financial position these are okay so we are going to look at the format how sole traders prepare it but note the preparation of the statement of financial position it is actually based on the accounting equation we use the accounting equation to prepare the statement of financial position but basically we have about three models as far as the accounting equation concern so you will be looking at the three models but we will be using only one of the model in the

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