Advertisements
Advertisements
प्रश्न
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.
पर्याय
Trading Account
Profit and loss account
Balance sheet
Manufacturing account
उत्तर
A Balance sheet 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.
Explanation:
Balance Sheet means a financial statement which sets out the assets and liabilities of a trading or non-trading organisation as on a certain date.
APPEARS IN
संबंधित प्रश्न
What is a Balance Sheet?
Write any two uses of the Balance Sheet?
Explain five uses of Balance Sheet.
______ is not an account but only a statement of assets and liabilities.
It helps the investor to know the earning capacity and financial health of the firm.
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.
"A trading account reveals the financial position of an organisation." Comment.
State any two uses of Balance Sheet.
Balance sheet is an Account. Justify.
Write a short note on Role of Balance Sheet in decision making.
