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Example of an Account Plan
This is an example of an account plan for a company called Kafue Super.
Kafue Super runs a shop and a tailoring workshop.
Structure of an account plan
Most business account plans are structured like this:
- Asset accounts - show the value in the company (Assets)
- Liability accounts - show the debt/financing of the company (Liabilities)
- Income and Expenses accounts - show the day-to-day running of the company - (Profit and loss)
Account Plan for Kafue Supermarket
|
ASSETS Buildings Tools and equipment LIABILITIES
|
INCOME AND EXPENSES Activity centre: Shop Fixed costs Maintenance of building Other income |
Jump in the numbering
In the account plan there are two "jumps in the numbering"
- 100-200-300… This helps you remember the structure of the account plan
- 500-510-520…. This gives you the possibility to divide the accounts in
even more detailed accounts.
For instance:
511: Salary Mr. Vijay
512: Salary Mrs. Gian
513: Mr. Wu
Probably the best advice I ever got in my life was from the head of the accounting department, Mr. Hutchinson, I believe at the Glidden Company in Chicago, and he told me: You really aren´t cut out for accounting.
- Bob Newhart, American stand-up comedian
