Tabular Statements

Balance Sheet/ statement of financial position

list of assets, liabilities and capital of a business on a particular date.

Liability

anything which the business or organisation owes to another person or business.

Creditors falling due within one year (Current liabilities)

debts which must be repaid within a short period of time

trade creditors

people we have purchased goods from on credit

Bank overdraft

Permission from our bank to spend more that we have in our bank account.

Utility Bills

Money owed for electricity, gas, insurance etc.

Creditors falling due after one year ( long-term liabilities)

debts which are due for repayment over a longer period of time e.g. mortgage

Capital

the total amount of wealth (usually money) invested in the business by its owners which remains owed back to them by the business for as long as the business exist or until they sell their investment.