Download An Introduction to Business Accounting for Managers by W. C. F. Hartley (Auth.) PDF

By W. C. F. Hartley (Auth.)

Now in its 5th variation, this booklet dispels a lot of the mystique surrounding accounting and finance for the non-financial supervisor. it is going to let the reader to speak extra successfully with monetary advisers and aid to reinforce the standard of the monetary judgements that managers need to make. It contains such issues as accounting for inflation, the importance of money administration and keep an eye on and the advance of accounting criteria, a lot of that have now not been handled in any unmarried, fresh, aggressive work.

This totally revised and up-to-date model contains new fabric on operating capital and administration, accounting laws and traditional environment, and at the "newer" accounting ideas that experience lately been developed.

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C H A P T E R 5 The Limited Company THE form of organization considered in earlier chapters has been that of sole trader—one man managing his own buisness, using capital provided from his own savings or on trust from close friends or relations. His personal capital and livelihood are, legally, indistinguishable from those of his business—although clearly there should be an accounting distinction! Businesses grow and require more capital to finance this growth: friends are no longer willing or able to put up large amounts of capital on trust and, to safeguard his interests, he who does provide capital may look for a share in the management.

This is a vital distinction from the sole trader and partnership forms of organization considered above where there is no separate legal entity. It is this separation of legal rights which admits the principle of limited liability whereby a member (one legal person) contracts with the company (another legal person) to advance a certain limited amount of money as his share of the capital required. Memorandum and Articles of Association The full legal formalities of forming a limited company are beyond the scope of this book, but two documents which must be filed with the Registrar of Companies are important and are considered in some detail—the "Memorandum" and "Articles".

Goodwill may be quite substantial in relation to other more tangible assets, on the other hand it may be of negative value. Consider two extreme cases: 1. A milk round with no tangible assets at all yet which sells for £1500— 100 per cent goodwill. 2. A gold mine with a shaft sunk and equipment valued at £150,000 but unfortunately no gold is found—is there anything less valuable than a hole in the ground with nothing at the bottom? Valuation of Goodwill How did I arrive at the price of £1500 for the above business, thereby valuing goodwill at £500?

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