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प्रश्न
Balance sheet is an Account. Justify.
उत्तर
Against:
- A balance sheet is not an account, but rather a financial statement.
- A Balance Sheet provides an overview of an organization's financial condition at a specific point in time, including assets, liabilities, and equity.
- Unlike accounts, which record transactions over time and are part of the double-entry bookkeeping system, a Balance Sheet summarizes the balances of multiple ledger accounts to provide a clear picture of what the company owns and owes, as well as its invested capital.
- Thus, it is a statement reflecting the organization's financial stability and structure, rather than an account that records individual transactions.
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संबंधित प्रश्न
What is a Balance Sheet?
Write any two uses of the Balance Sheet?
______ is not an account but only a statement of assets and liabilities.
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 a statement of assets and liabilities. It is prepared to judge the financial position on a particular date.
The main use(s) of a Balance Sheet for a non-trading organisation is/are ______.
Which of the following is not a feature of Balance Sheet?
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.
State any two uses of Balance Sheet.
