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When do you put the asset on the balance sheet?
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.
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.
Do you put GST or HST on the balance sheet?
HST paid goes on the credit side or expenses on the balance sheet
Where do put drawings in a balance sheet?
asset side
Were do put long term notes payable on the balance sheet?
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
When do you put the asset on the balance sheet?
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.
Where do you put the accrued income taxes on the balance sheet?
Under the liabilities section of the balance sheet?
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.
Do you put GST or HST on the balance sheet?
HST paid goes on the credit side or expenses on the balance sheet
Where on the balance sheet do you put a deficit?
Retained Earnings
Where are accruals put on the balance sheet?
Current liabilities.
Where do put drawings in a balance sheet?
asset side
Where do you put retained earnings on a balance sheet?
liability
What is the need for preparing Balance sheet?
Aside from being required by law in many instances, the Balance Sheet is a fundamental statement and summary of one of the three most important aspects of a business that can be stated in dollar terms. (The others being the Income Statement and the Statement of Changes in Financial Position.) If the Income Statement shows what you 'got' and where it 'went' (and it does), then the Balance Sheet shows what you 'have'. Knowing what you 'have' is important for a business because it shows the 'assets' at your command available to be used in the conduct of the business in which you are engaged, and the 'liabilities' that you are responsible for repaying, as well as the 'equity', or that part of what you have that belongs to you and you alone. In the case of public companies that are required by law to publish financial statements, the Balance Sheet shows what investors are buying a piece of (in addition to the future earning potential inferred from the Income Statement), and how large the liabilities are compared to their share. In the case of private companies, knowing these things is necessary to run the business successfully, and ultimately, if the company assumes liabilities, how 'solvent' the company is, or, crudely, how close it is to going bankrupt. To put it another way, the Balance Sheet simply represents the final summary of the accounting of all that you own, all that you owe, and what's left for you.
Do you put cash value of life insurance on the balance sheet?
No.
Were do put long term notes payable on the balance sheet?
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
Where do you put notes payable on a balance sheet?
In the liability section of the balance sheet. Generally showing short terms portions separately from long term portions.
