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प्रश्न
State any two uses of Balance Sheet.
What are the uses of Balance Sheet.
Explain any three uses of Balance Sheet.
उत्तर
The main uses of a Balance Sheet for a non-trading organisation are as follows:
- Balance Sheet shows the assets owned by a non-trading organisation.
- It reveals the liabilities of the organisation.
- It depicts the Capital Fund of the organisation.
- It shows the financial position of the organisation.
- It fulfils the statutory requirements as a non-trading organisation is legally required to prepare a Balance Sheet.
Notes
Students should refer to the answer according to their questions.
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संबंधित प्रश्न
What is a Balance Sheet?
Write any two uses of the 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.
______ is a financial statement which sets out assets and liabilities as on a certain date.
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.
Which of the following is not a feature of Balance Sheet?
"A trading account reveals the financial position of an organisation." Comment.
Balance sheet is an Account. Justify.
Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.
