Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Comprising examined the conceptual origin of the balance sheet we will here try to study the balance sheet by itself. We have observed that every transaction influences the financial position. As this is not feasible to draw up a balance sheet after all transaction, this is prepared at the end of a given period, generally, a year. Such period is considered to as accounting period or fiscal year or financial year. Such period as a convention has turn into one calendar year, although; there is no accounting justification for this.
Balance sheet preparation is the arrangement of the assets and liabilities of that firm in a correct or in a systematic manner. The balance sheet as prepared in the end of the accounting period demonstrates the year end status of all of the assets of the firm and the different claims on these assets. We imply that the balance sheet demonstrates the year-end balance in the asset, responsibility and capital accounts. This may be clarified that there are two conventions of preparing the Balance sheet. The English and the American, as per to the American convention, assets are demonstrated on the left hand side and the liabilities and the equity of owner on the right hand side. The English convention is just the reverse that is: assets are demonstrated on the right hand side of the Balance Sheet and the liabilities and the owner's equity on the left hand side. In India, usually the English conventions are followed. The format specified below is the format of the balance sheet in the sequence of liquidity, that is, ease of conversion of the assets in cash. The additional liquid assets are demonstrated first and then the less liquid one emerge on the proforma. Likewise, on the liabilities side, current liabilities in order of payment are demonstrated first, then fixed or long term and finally, the capital of the proprietor.
Balance Sheet as on
Liabilities
Current Liabilities
Creditors
Bills Payable Bank Overdraft Outstanding Expenses
Income Received in Advance
Fixed Liabilities
Loan Mortgage Capital
Rs.
Assets
Current Assets Cash in Hand Cash at Bank Stock-in-Trade Debtors
Bills Receivable
Prepaid Expenses
Fixed Assets
Furniture and Fixtures
Plant Machinery
Land
Goodwill
The assets of a business can also be demonstrated in the balance sheet in order of permanence, that is, in order of the desire to continue them in use.
Standards at International Level: In view of the development of international trade and multinational enterprises, the requirement for standardization at the international level w
You have learned about the business and its proprietor is reacted as separate entities. It implies that separate accounts must be kept in the ledger for recording transactions amon
This includes both cash and credit sales of goods. From this demonstration of total sales, sales return also termed as Returns Inward, if any then is deducted in the inner column a
WHAT ARE THE AIMS AND OBJECTIVES IN STUDYING THE IMPACTS OF ACCOUNTING STANDARDS IN THE PREPARATION OF FINANCIAL STATEMENTS
These are amounts owed to the company through debtors. This is the purpose why we also utilize the term sundry debtors to indicate the amounts owed to the firm. This signifies amou
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Prepare the Trading Account from the subsequent figures: Opening Stock 40,000 Power 6,000 Purchases 1,80,000
3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
To finish this scenario, use the Sample Size Estimator Sheets A, B of this file. In the previous years of the twenty-first century, annual salaries for federal employees in the
Current Liabilities We have studied about liabilities are claims of outsiders against the business. Conversely, these are amounts owed through the business to people who have
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd