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What else can I help you with?
Why sundry debtors is coming under current assets?
Sundry debtors come in current assets because normally goods are sold on credit for short term agreement for one month or for three months as amount is receivable from debtors within one fiscal year that’s why debtors arrive in current assets.
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.
Do Balance sheet come under stock variable or flow variable?
yea
What is the procedure of finalisation of accounts?
Check all the ledger account post the Jv in the respective accounts come out with final balance of the ledger account then start putting figures in trial balance & then prepare trading, profit & loss account & balance sheet for the respective year.
Does closing stock normally appear in the trial balance?
yes,it will come in trial balance
Why sundry debtors is coming under current assets?
Sundry debtors come in current assets because normally goods are sold on credit for short term agreement for one month or for three months as amount is receivable from debtors within one fiscal year that’s why debtors arrive in current assets.
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.
Does building come in income statement?
No building is asset for business and like all other assets which shows in balance sheet building also part of balance sheet and not income statement.
Do Balance sheet come under stock variable or flow variable?
yea
Where do you place capital appreciation on the balance sheet asset or an equity entry?
Capital is an equity of company so capital appreciation is also come to equity part of balance sheet.
Does a transaction always change both sides of a balance sheet How do yo know?
Any transaction that gets reflected on the Balance Sheet will impact both sides of a balance sheet. Balance sheet represents what the company (an entity) owns and owes (to shareholders and debtors). If a transaction results in increase in assets (what it owns), the funding for it will come from investor and equal amount reflect on fund raised. You should not get confused with situation where both the impacts are on the same side which does not results in change of 'size' of balance sheet. For example you sell an asset for and receive cash. Then asset will go down and cash asset will increase. Both the changes are on the asset side. Another example on liabilities side would be raising equity to payback debt. Thus moral of the story is that size of the balance sheet is same on both the sides. So a transaction either changes two sub-accounts on assets side/ liabilities side resulting in no change in the balance sheet size or it will affect both the sides equally resulting in balance sheet remaining 'balanced'
What is the origin of various and sundry?
The expression is actually "all and sundry" and means "everyone, individually and collectively". Both words come from Old English.
What is interest expense on balance sheet?
When you pay back a loan or mortgage, part of each payment is interest, the rest is principal. For the interest part you would have Interest Expense, for the principal part something like Mortgage Expense.
Does net income on balance sheet come from income statement?
Yes income in balance sheet is the same amount which is calculated in income statement if there is any difference then it may be due to distribution of net income between retained earnings and dividend.
Where does the information required to construct a balance sheet come from?
The account records - sales, purchases, stock, plant, depreciation of plant, taxes, salaries etc.
Is income tax payable located on a balance sheet or income statement?
No. Income taxes payable is a liability and would show up on the balance sheet (although it might not have its own caption depending on how material the number is compared to the rest of the Company's liabilities). The income statement account that is typically "the partner" to the income taxes payable account is the current tax provision.
What is the procedure of finalisation of accounts?
Check all the ledger account post the Jv in the respective accounts come out with final balance of the ledger account then start putting figures in trial balance & then prepare trading, profit & loss account & balance sheet for the respective year.
