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What are the implications of Negative General Reserve in balance sheet of a company?
It would be shown as Debit Balance of Profit & Loss Account on Asset side
Is general reserve a non current asset?
No, a general reserve is not classified as a non-current asset. Instead, it is an appropriation of retained earnings and is part of the equity section on a company's balance sheet. General reserves are set aside for specific purposes, such as future investments or contingencies, but they do not represent an asset that can be converted into cash or utilized in operations like non-current assets do.
Where does general reserve appears in final accounts?
Asset side
What is the largest single asset in the federal reserve banks' consolidated balance sheet?
Securities.
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
Is reserve an asset or liability?
It's an asset.
Is tax a asset or expense and how do I record it in the General journal or balance sheet?
Tax should be recorded in the general journal because it is an expense.
Is a Reserve account an asset or liability?
It is assets
What is the journal entry to purchase asset from general reserve?
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.
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 does cash go on a balance sheet?
Cash is an asset of business and it is shown under current asset of business at asset side of balance sheet.
Where does cash go on balance sheet?
Cash is an asset of business and it is shown under current asset of business at asset side of balance sheet.
