please sir tell and hellp me why we dont use "a/c" in the balance sheet? please discuss on this and get me a solution. thank u sir.
From India , Pahasu
From India , Pahasu
Dear Gaurav,
It was Balance sheet not an account. its nothing but a sheet not like a profit & Loss account. It will cumulative balance of your financial transactions. so BS contains only Liability & Assets.
If any clarification required please post your doubts.
regard
Jagan
From India, Visakhapatnam
It was Balance sheet not an account. its nothing but a sheet not like a profit & Loss account. It will cumulative balance of your financial transactions. so BS contains only Liability & Assets.
If any clarification required please post your doubts.
regard
Jagan
From India, Visakhapatnam
Balance Sheet is a statement, Of What, that is to be understood.
As you know there are three types of accounts, (1) Nominal (2) Personal (3) Real Accounts.
Periodically we transfer the all Nominal Account balances to an account called Profit and Loss Account to arrive at the net balance (of Profit/ Loss) which is then transferred to the Capital account, which is a personal Account (type)
Balance sheet is the statement showing the balances of all Personal & Real Accounts, as on a particular Date
It shows the position of such accounts AS ON A GIVEN DATE, in a given format. Assets & Liabilities
From India, Trivandrum
As you know there are three types of accounts, (1) Nominal (2) Personal (3) Real Accounts.
Periodically we transfer the all Nominal Account balances to an account called Profit and Loss Account to arrive at the net balance (of Profit/ Loss) which is then transferred to the Capital account, which is a personal Account (type)
Balance sheet is the statement showing the balances of all Personal & Real Accounts, as on a particular Date
It shows the position of such accounts AS ON A GIVEN DATE, in a given format. Assets & Liabilities
From India, Trivandrum
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Understanding Off Balance Sheet Accounting[1][1 ].2003 - Wiley.pdf
Disclosure balance sheet(5).zip
