Download - 5 minute balance sheet 01
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“Getting started with financial accounting”(In less then 5 Minutes!)
To play these exciting playstation gameswe need a play station 1st!
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Play Stations cost money
That’s how much we need
$ 150
Let’s see how much we have
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Can we buy this from our pocket money?
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Nothing left from my pocket money.
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Wait! The piggy bank has some money!!
60 Bucks. Not Bad!
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Need to ask dad (better still Mom) for a loan
50 Bucks.That’s what
Dad can spare.
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Still not Enough !
60 Bucks from the Piggy Bank & 50 Bucks from dad
That’s a cool 110 bucks!.
60 Bucks 50 Bucks
+ =110
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?Now What ?
Where do we get that?
40 Bucks Short
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Tommy !His Piggy Bank’s Bursting
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If Tommy can put in 40 bucks
He can Share the Playstation
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Tommy’s IN !My New partner..I need 40 Bucks
But Tommy wants to be an equal partnerI put in 60 Bucks
And here’s his 60 bucks!
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More than enough money to buy the Playstation
+
=+
170
Piggy Bank 60
From Dad 50
From Tommy 60
Let’s do some quick math
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The Playstation only costs 150
Money Left Over $20
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Let’s talk money language
That’s the name for
Where the money came from(also known as SOURCE)
Liability
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Like any languagemoney language also has a vocabulary
Money that you put in is Owner’s Capital
*When you have a Partner (like Tommy) that’s
Shareholders Capital*
Loan from Mom or Dad known as Loans
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Let’s go get that Playstation and hook it up
Where the Money went
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Lets play with the gamesthat came with the Playstation
Image of 2 kids buying a playstation
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Time For some more Money Language
ASSETSOR
Where the Money went(also known as Application of Funds)
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Money that’s Left over is also an Asset (Known as Cash Balance)
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A statement Balancing
Where the money came from
with
Where the Money went
Is called a Balance Sheet
Back to the Money Language
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Our very 1st Balance Sheet
Liabilities (Where the Money came from)
*
Shareholders CapitalME $60Tommy $60
*Loans
Dad $50
Total $170
Assets (Where the Money went)
Playstation $150*Cash Balance $20(Money Left Over)
Total $170