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Why do balance the two halves of balance sheet?
That method is called account form of balance sheet and on the other hand there is another form of balance sheet which is called statement form.
Will petty cash in hand come in the income statement or balance sheet?
It will be on the asset side under the heading of current assets in the balance sheet.
What is cash on a balance sheet?
Cash is most liquid item in asset side of balance sheet and cash is that amount which is in hand for use for expenses of business.
Where does bank go in a trading profit and loss account or balance sheet?
Well salaries payable is liability of an organization . This is a current liabilities so they are posted in capital and liability side of a balance sheet.
How is the balance of the provisions for depreciation account shown in the balance sheet?
The balance of the provisions for depreceation ammount is shown in the balance sheet by a small number in the upper right hand corner of the fourth and final page, after all of the sums have been calculated.
Where does petty cash and appear on a balance sheet?
Petty cash is typically classified as a current asset on a balance sheet. It represents a small amount of cash kept on hand for minor expenses that do not warrant writing a check. On the balance sheet, petty cash is usually listed under the "Cash and Cash Equivalents" section, alongside other forms of cash, such as bank accounts and short-term investments.
The right-hand side of the balance sheet should include entries for?
only the liabilities
The left-hand side of the balance sheet should include entries for?
only the owners equity
Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement?
Yes.
Where does the net loss go on a balance sheet?
Net profit doesn't appear in a balance sheet, it only appears in an income statement.
The Balance sheet in India the liability is on the left hand side asset is on the right hand side?
Liabilities' side of balance sheet deals with how the funds are raised whereas the assets' side of balance sheet deals with how the funds are invested. Firstly the funds are raised (by incurring liabilities) after which they are invested (asset formation). Left-to-right is a general way of reading/writing, hence the liabilities side would appear before assets.
How do you prepar balance sheet?
The question is incomplete. Anyway i will try to answer. Balance sheet prepare from Tial balance. All the items in Trial balance classifeid as Balance Sheet item and P&L item. All the balance sheet items taken from trial balance should be shown in balance sheet. Balance sheet have two side namely liability and asset side. In asset side we shows Fixed asset say plant machinery vehicle...., current assets say stock debtor cash in hand etc...The fixed assets can we shown two ways, before depreciation and put provision for depreciation in liabilty side or After depreciation. The next step is to create liablity side say capital, creditors...etc. The Net Profit taken from p&l a.c adjusted with partners current account. This is only for basic information.
