General reserves are part of profit of the company for usable in future so it is the liability of company and shown in liability side of balance sheet.
It would be shown as Debit Balance of Profit & Loss Account on Asset side
Asset side
Securities.
Tax is an expense, you do not record it in a balance sheet but on the general journal.
It's an asset.
Tax should be recorded in the general journal because it is an expense.
An asset is put on the balance sheet to show an identified estate of an enterprise at bookvalue. Examples of assets: cash, buildings and equipment, patents, participations in other companies etc. In general, assets have to be paid for. The liability part of the balance sheet shows the source of funds (equity and/or debt) used to retain the asset.
It is assets
Cash is an asset of business and it is shown under current asset of business at asset side of balance sheet.
Cash is an asset of business and it is shown under current asset of business at asset side of balance sheet.
General reserves need to be converted into cash first by issuing new shares to share holders and after that cash can be used to purchase assets.
Yes, it is a stock of the company so it is shown as asset in the balance sheet.