Advertisements
Advertisements
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.
It is a financial statement which sets out the assets and liabilities of a trading or non-trading organisation as on a certain date.
The excess of assets over liabilities represents the ______ of the owner.
Why is a Balance Sheet prepared?
Distinguish between a Profit and Loss Account and a Balance Sheet.
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 a statement of assets and liabilities. It is prepared to judge the financial position on a particular date.
It is always prepared on a particular date.
It is not an account but a statement.
______ shows the financial position of the organization.
Which of the following is not a feature of Balance Sheet?
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.
State any two uses of Balance Sheet.
