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प्रश्न
It is a statement of assets and liabilities. It is prepared to judge the financial position on a particular date.
पर्याय
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
उत्तर
Balance Sheet
Explanation:
Balance Sheet means a statement which shows the assets and liabilities of an organisation and its capital on a particular date. It depicts the financial position of the organisation on a specified date.
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संबंधित 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.
It helps the investor to know the earning capacity and financial health of the firm.
Why is a Balance Sheet prepared?
Mr. Tate's financial position on 1 December, 2018 was as follows:
Stock ₹ 4,460; Debtors ₹ 890; Creditors ₹ 2 400; Cash ₹ 500; and Fixed assets ₹ 3,000.
- Draw up a statement to show his assets, liabilities and capital on 1.12.2018.
- During the month of December, 2018, the following transactions took place; Sold goods for cash ₹ 4.000; sold the balance goods on credit for ₹ 3 000; received ₹ 2 000 from debtors; paid ₹ 900 to creditors; withdrew ₹ 400 for personal use; allowed and accounted a direct payment of ₹ 500 by a debtor to one of the creditors.
Draw up a statement of his financial position at the end of the month of December 2018.
It is always prepared on a particular date.
It is not an account but a statement.
All membership fees collected by a non-trading concern must be entered in the assets side of the balance sheet. Justify for or against.
State any two uses of Balance Sheet.
Balance sheet is an Account. Justify.
Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.
