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प्रश्न
Which of the following is not a feature of Balance Sheet?
विकल्प
It is statement.
Reflects profit and loss of an organization.
It shows Capital Fund of the organization.
It shows financial position of the organization.
उत्तर
Reflects profit and loss of an organization.
Explanation:
The Balance Sheet does not reflect an organization's profit or loss. Instead, the profit or loss is reflected in the Income and Expenditure Account.
APPEARS IN
संबंधित प्रश्न
What are the features of a Balance Sheet?
Explain five uses of 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.
______ shows the financial position of the organization.
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.
