Your Balance Sheet, or Statement of Financial Position, measure the net worth of your business at a point in time, and shows if your business is solvent, or the assets are greater than liabilities.
This guide helps demystify your Balance Sheet Report.
Your Statement of Profit and Loss (P&L), tracks the overall performance of your business. It begins with the Gross Profit from your Trading Account then lists all overhead expenses, giving you the Net Profit.
This guide helps demystify your Profit and Loss Report
The Director / Shareholder Account records all funds introduced to the business by shareholders, credited to shareholders as dividends or salary, or taken out of the business as drawings.
This guide helps demystify your Director / Shareholder Account Report
The Statement of Changes in Equity records what happens to any profits for the year; whether they are paid out as dividends or kept in the business as retained earnings.
This guide helps demystify your Statement of Changes in Equity Report
Your Trading Account can be prepared at any stage during the year and shows sales generated less any variable costs associates with those sales.
This guide helps demystify your Trading Account Report