Question

Assume you are the accountant responsible for preparing the statement of financial position of Jack Ltd.

In which caption and classification on the statement of financial position would you include each of the

above accounts? If you need additional information to finalise your decision as to the appropriate classification or caption, indicate what information you require.

Required:

Account Caption/Name Classification

a) Trade receivables

b) Work in progress

c) Trade creditors

d) Prepayments

e) Property

f) Goodwill

g) Debentures payable

h) Preference share capital

i) Unearned revenue

j) Accrued salaries

k) Trading securities held

l) Share capital

Answer 1

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