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प्रश्न
What is a Balance Sheet?
उत्तर
- It is a financial statement that indicates an organization's assets, liabilities, and capital as of a specific date.
- The financial situation of a business on a specific day marks the third and final stage.
APPEARS IN
संबंधित प्रश्न
Write any two uses of the Balance Sheet?
Explain five uses of 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?
Distinguish between a Profit and Loss Account and a Balance Sheet.
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.
______ shows the financial position of the organization.
Which of the following is not a feature of Balance Sheet?
"A trading account reveals the financial position of an organisation." Comment.
State any two uses of Balance Sheet.
Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.
