Example of Statement Of Financial Position and Statement of Comprehensive income

Financial Statements

Financial Statements are the product of accounting. Through systematic process, the financial data is presented in a meaningful manner, in the shape of financial statements. Financial Statements represent a formal record of the financial activities of an entity. These are written reports that quantify the financial strength, performance and liquidity of a company.
There are many types of Financial Statements but normally the financial statements produced at the end of the fiscal year are concerned.

1)Statement of Financial Position or Balance Sheet.
2)Statement of Comprehensive Income or Income Statement.
3)Statement of Cash Flows
4)Statement of Changes in equity

1) Statement of Financial Position or Balance Sheet

It represents the financial position of the entity at a given date, normally at the last day of the fiscal year.

Brief Description

Note 1:- Name of the Entity reporting.
Note 2:- Name of the Financial Statement.
Note 3:- The Date at which Financial Position of the entity is reporting.
Note 4:- Year to which data is related to.
Note 5:- The Broad Category of Balance Sheet “ASSETS”.
Note 6:- Sub category of ASSETS.
Note 7:- Financial Values of PP&E at the Reporting Dates.
Note 8:- Financial Values of Goodwill at the Reporting Dates.
Note 9:- Total of Non-Current Assets.
Note 10:- Sub category of ASSETS.
Note 11:- Financial Values of Inventories at the Reporting Dates.
Note 12:- Financial Values of Trade Receivables at the Reporting Dates.
Note 13:- Cash at Bank and in hand at the Reporting Dates.
Note 14:- Total of Sub Category Current Assets.
Note 15:- Deliberately left blank.
Note 16:- Total Value of Broad Category ASSETS.
Note 17:- Deliberately left blank.
Note 18:- Broad Category Shareholder’s Equity and Liabilities of the Entity.
Note 19:- Sub-Category of Shareholder’s Equity and Liabilities of the Entity.
Note 20:- Financial Values of Issues Share Capital at the Reporting Dates.
Note 21:- Financial Values of Share Premium at the Reporting Dates.
Note 22:- Financial Values of Reserves at the Reporting Dates.
Note 23:- Financial Values of Retained earnings at the Reporting Dates.
Note 24:- Total of Sub Category Capital and Reserves.
Note 25:- Sub category of Equity and Liabilities.
Note 26:- Financial Values of Loans at the Reporting Dates.
Note 27:- Total of the Sub Category Non-Current Liabilities.
Note 28:- Sub-Category of Shareholder’s Equity and Liabilities of the Entity.
Note 29:- Financial Values of Trade Payables at the Reporting Dates.
Note 30:- Total of the Sub Category Non-Current Liabilities.
Note 31:- Total of Broad category Equity and Liabilities.
Note 32:- Deliberately Left Blank.

2) Statement of Comprehensive Income or Income Statement.

It represents the Financial Performance of the entity over a period of time, normally One year.
We discuss by using an example.

Brief Description

Note 1:- Name of the entity reporting.
Note 2:- Name of the Financial Statement.
Note 3:- The Date at which Financial Position of the entity is reporting.
Note 4:- Year to which data is related to.
Note 5:- Gross Revenue of the Entity.
Note 6:- Cost of goods sold.
Note 7:- Sale Revenue - Cost of Goods Sold.
Note 8:- Other Income Related to other major operations of the entity.
Note 9:- Distribution cost for the year.
Note 10:- Administrative Expenses for the year.
Note 11:- Expenses Related to other major operations of the entity.
Note 12:- Profit from major operations of the entity.
Note 13:- Finance Cost for the year relating to Loan etc.
Note 14:- Share of profit from associate, if any.
Note 15:- Profit before Tax.
Note 16:- Income Tax Expense for the Year.
Note 17:- Profit For the Year.
Note 18:- Income from non-operating activities of the entity.
Note 19:- Income/loss from Available for Sale financial Assets.
Note 20:- Gain/loss on Any Cash Flow Hedge.
Note 21:- Gain on Revaluation of Property.
Note 22:- Any Actuarial Gain/loss.
Note 23:- Share of Other Comprehensive income of Associate.
Note 24:- Income Tax relating to Share of Other Comprehensive income of Associate.
Note 25:- Net Other Comprehensive income.
Note 26:- Total Comprehensive income for the year.
Note 27:- Left Blank Deliberately.