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प्रश्न
Balance sheet is ______.
विकल्प
An account
A statement
Neither a statement nor an account
None of the above
उत्तर
Balance sheet is a statement.
APPEARS IN
संबंधित प्रश्न
Expenses which are paid before due.
Answer in one sentence only.
What is the Balance Sheet?
Answer in one sentence only.
What is Final Accounts?
Answer in one sentence only.
What do you mean by freight?
Give the word / term or phrase which can substitute the following statement.
Assets which are held in the business for a long period.
Select the most appropriate alternative from those given below and rewrite the statement.
Trading account is prepared on the basis of __________________ expenses.
State whether the following statement is True or False.
Partners must share profits and losses equally.
Answer in One Sentence:
State the meaning of Accrued Income?
Correct and Rewrite the following statement:
The balancing figure of the Trading Account is Net Profit or Net Loss.
From the following Trial Balance of Ayub & Co. as of 31st March 2019, you are required to prepare Trading Account, Profit and Loss Account for the year ending 31st March 2019, and Balance Sheet as of that date after making necessary adjustments.
Trial Balance as of 31st March 2019
| Debit balances | Amount (₹) | Credit Balances | Amount (₹) |
| Cash in hand | 4,575 | Discount | 900 |
| Cash at Bank | 15,450 | Loan from Abhay | 15,000 |
| Drawings | 18,000 | Creditors | 18,225 |
| Furniture | 6,000 | Sales | 1,95,000 |
| Plant & Machinery | 45,000 | Returns Outward | 3,000 |
| Opening Stock | 30,000 | Capital | 90,000 |
| Purchases | 1,20,000 | ||
| Salaries and Wages | 33,600 | ||
| Debtors | 30,600 | ||
| Returns Inward | 7,500 | ||
| Audit Fees | 2,250 | ||
| Rent. Rates and Taxes | 5,400 | ||
| Bad debts | 600 | ||
| Travelling Expenses | 750 | ||
| Insurance | 1,200 | ||
| Interest on Loan from Abhay | 450 | ||
| Trade Expenses | 300 | ||
| Sundry expenses | 450 | ||
| 3,22,125 | 3,22,125 |
Adjustments:
1. Stock on hand on 31st March 2019 valued at ₹ 60,000
2. Rent amounting to ₹ 600 Prepaid.
3. Bad Debts ₹ 600 and create a Provision for Doubtful Debts 5%
4. Depreciation on Plant & Machinery by 10% and Furniture is valued at ₹ 4,500
5. Outstanding Salaries ₹ 900
