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Domestic dog home

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Introduction

Domestic Dog Homes What is a profit and loss account? A profit and loss account is a yearly based financial document which shows the amount of money which is lost or gained within that financial year. This document helps banks determine the overall success of the business within the last year and when a business is trying to obtain credit, they would want to see the profit and loss to see their financial status. A profit and loss account also helps the business set forecasts for the following year so they can try to improve the profits and reduce costs to ensure they are successful. On the profit and loss account, it will state all the businesses expenditure and the businesses incoming revenue. Here is an example of a profit and loss account: What is a balance sheet? A balance sheet shows the financial position to a business; it will state all the money the business owns externally and the company assets. An asset is something that the business owns for example property. A liability is something that the business owes externally and this will be subtracted from the assets. A balance sheet can be used to help the business analyse the businesses position and to improve their actions. ...read more.

Middle

example: * Buildings * Motor Vehicles * Furniture * Equipment All these assets increase the financial status of the business and increase its value. Premises The premises is where the business operates from and where it is located, An ideal business location would be somewhere which is busy and has lots of passing trade so they can attract new customers. Equipment The equipment is what's used to make the products or to provide the services to the best standard. For example, a pizza shop would need a pizza oven so they could make the pizzas and without it they could not sell their products. Vehicles Vehicles are the fixed assets which the business uses to get from one place to another and to move their products around, for example a van to deliver. For example a builder would need a van so he can take all his tools to jobs and it would need to be big enough and suitable to fit all his tools in. Current Assets A current asset is an asset which is not kept for a long period of time but is owned by the business. For example, cash is a current asset as its going to be spent in the business and is not going to be a fixed asset as it will not be kept for a long period of time. ...read more.

Conclusion

This would also be under the title of current assets as they are not long term. Long Term Liabilities Long term liabilities are liabilities which are long term and don't have to be settled within a year. For example, a loan, higher purchase and a mortgage. Loan A loan is money which a business obtains from a bank and is generally secured on property, these will be paid back on a monthly basis and can stretch over 25 years. Interest rates vary as there are a large range of providers/ Net Assets Net assets are the total assets minus the total liabilities. The left over figure would state the value of the business as this figure will state all the businesses assets and what's its worth in total. Financed By: Capital Capital is the finance that the owners and shareholders have invested in the business to get it started. For example if I opened up a business and it cost me �15,000 then that would be my capital. Net Profit Net profits are the profits the business has made after all costs are deducted. Drawings Drawings are the money that the owned has taken out of the business for personal use. Domestic dog homes - Did they make profit or not? : The image above shows that Domestic Dog Homes did make profit, the gross profit before any deductions was �102,250 and net profit was �42,850. ?? ?? ?? ?? 3 1 ...read more.

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