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प्रश्न
______ is not an account but only a statement of assets and liabilities.
विकल्प
Trading Account
Profit and loss account
Balance sheet
Manufacturing account
उत्तर
Balance sheet is not an account but only a statement of assets and liabilities.
Explanation:
A balance sheet is a financial statement that shows the relationship between assets and liabilities.
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संबंधित प्रश्न
What is a Balance Sheet?
A ______ is a statement of assets and liabilities at the end of the period. It shows the financial position of a business on a certain date and represents the third and final stage.
The excess of assets over liabilities represents the ______ of the owner.
It helps the investor to know the earning capacity and financial health of the firm.
______ is a financial statement which sets out assets and liabilities as on a certain date.
Why is a Balance Sheet prepared?
The following trial balance was extracted from the books of A. Harding, as on 31st March, 2019:
| Debit (₹) | Credit (₹) | |
| Capital | 20,100 | |
| Drawings | 1,500 | |
| Cash in Hand and at bank | 1,400 | |
| Petty Cash | 100 | |
| Cash Purchases and Sales | 10,000 | 20,000 |
| Credit Purchases and Sales | 12,000 | 25,000 |
| Returns | 2,000 | 1,000 |
| Discount | 400 | |
| Carriage Inwards | 500 | |
| Salaries | 6,000 | |
| Sundry and Petty Expenses | 1,200 | |
| Opening Stock | 5,000 | |
| Bad Debts | 600 | |
| Rent | 1,500 | |
| Machinery | 36,000 | |
| Furniture | 5,000 | |
| Debtors and Creditors | 5,000 | 10,000 |
| Stationary | 2,500 | |
| Commission | 200 | |
| Bank Loan | 14,400 | |
| 90,700 | 90,700 |
Prepare the complete set of final accounts for Mr. A. Harding, after incorporating the following adjustment:
- Closing stock is ₹ 26,000.
It is always prepared on a particular date.
It is not an account but a statement.
Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.
