Preparing SFP of Single Propriertorship Business
Preparing SFP of Single Propriertorship Business
Preparing SFP of Single Propriertorship Business
Sole
Proprietorship
Business
OBJECTIVES
define single proprietorship business
differentiate the two forms of SFP (Report and Account
Form)
determine the steps in preparing SFP
prepare the SFP of a single proprietorship business using
the two formats
participate actively in class discussion and activities
Review!
ACCOUNT FORM
Account Form – A form of the SFP that shows assets on the left side and
liabilities and owner’s equity on the right side just like the debit and credit
balances of an account. (Haddock, Price, & Farina, 2012)
Take Note:
The two are only formats and will yield the same amount of total assets, liabilities and equity
hence, assets should always be equal to liabilities and equity
REPORT FORM
ACCOUNT FORM
Reflect your answers on ACTIVITY #1:
Steps in preparing SFP