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प्रश्न
______ shows the financial position of the organization.
विकल्प
Trial balance
Profit and Loss account
Balance sheet
Income and Expenditure account
उत्तर
Balance Sheet shows the financial position of the organization.
Explanation:
The Balance Sheet shows the financial position of the organization. It provides a snapshot of the organization’s assets, liabilities, and equity at a specific point in time, typically at the end of an accounting period.
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संबंधित प्रश्न
Write any two uses of the Balance Sheet?
______ is not an account but only a statement of assets and liabilities.
The excess of assets over liabilities represents the ______ of the owner.
______ 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 not an account but a statement.
All membership fees collected by a non-trading concern must be entered in the assets side of the balance sheet. Justify for or against.
"A trading account reveals the financial position of an organisation." Comment.
Balance sheet is an Account. Justify.
