Balance Sheets in Clinical Trials and accounting made easy

A balance sheet records Assets (Things that have future economic value), Liabilities (Amount Owed) and Equity (Ownership).

There  are a few definitions we need to get out of the way:

Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity (IASB Framework).

Liabilities are defined as a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow of the entity's resources.

Equity is defined as “any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

Remember to check back when using these terms.

So Equity = Asset less liabilities
OR Assets = Equity + Liabilities

BALANCE SHEET OF XXX AS AT A PARTICULAR DATE
Assets
There are fixed assets 

• Buildings
• Houses (less loss of value of asset / depreciation). (Increase in valuation of assets.)
• Motor Vehicles
• Equipment and machinary
• Long term investments

There are current assets 

• Cash
• Accounts receivable from debtors

Equity

• All the assets less all the liabilities
• Profit from the operations (as recorded in the income statement)
• Losses on the value of assets

Liabilities

• Long term debt
• Cash
• Accounts payable to debtors