how to prepare balance sheet
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Answer / sandhya
Based on trial balance we should prepare balancesheet.it
will come all liabilties& assets items
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / deepti
Firstly make the journal entry for all transaction, then
posted it to relevant ledger, then for accuracy check
prepare trial Balance,then take the cash and bank balance
from the Cash book and bank statement and prepare the BRS,
Party ledger reconciliation, And from that we can get the
debtors and creditors figure, and the make the necessary
adjustment entries and calculate the stock amt, Outstanding
and prepaid amount then finally prepare the trading, profit
and loss and Balance sheet.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / richa
first we make 4 columns and after that choose items from
list what is liabilities and what is assets if balance
sheet is match it is right
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / richa
first we make 4 columns and after that choose items from
list what is liabilities and what is assets if balance
sheet is match it is right
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ravikrisna_786
Preparing a balance sheet
The Balance Sheet provides a "snapshot" of the
organization’s financial standing at a specific point in
time. All of the assets, liabilities and the fund balance
or net worth are listed. The Assets section is listed first
followed by the Liabilities and Net Assets section. Assets
should equal the Liabilities and Net Assets.
Included under the Assets section are Current Assets and
Fixed Assets. Current Assets are cash-related items such as
the ending balances of all checking and/or savings accounts
as of the date the Balance Sheet is prepared. Amounts owed
to the organization or accounts receivable (dues owed but
not yet paid if accounting is done by the accrual method)
should be included in the Current Assets section as well.
Fixed assets such as equipment that is owned by the local,
buildings, etc. should be listed in the Assets section
under the heading Fixed Assets. The Current Assets along
with any Fixed Assets make up Total Assets.
The other major section of the Balance Sheet is the
Liabilities and Net Assets section. Liabilities are the
debts that are owed by the organization. They include
amounts owed for items purchased on credit (accounts
payable), salaries owed to employees but not yet paid, per
capita owed to affiliates and taxes or loans that are also
payable.
The Net Assets section refers to the combination of
Unrestricted, Temporarily Restricted and Permanently
Restricted Assets. The difference between the balance(s) at
the beginning of the period in the checking and/or the
savings accounts and the balance(s) stated above in the
Assets section is calculated and listed as the Unrestricted
amount. Assets that are being held for a specific purpose
or are under the control of outside donors are considered
either permanently or temporarily restricted. If the balance
(s) at the end of the period is more than the beginning
balance(s), the result is a surplus. If the opposite is
true, then the Balance Sheet will reflect a deficit. The
Total Liabilities along with the Total Net Assets should
equal the Total Assets amount. This figure would be
depicted at the bottom as the Total Liabilities and Net
Assets.
Tip: Balance sheets are prepared at regular intervals such
as the end of the month, quarter or year. The balance
sheet reflects a specific date rather than a specific time
period.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / javeed
Balance sheet of ---------- co., for the year ended (enter year)
liablities: amount rs/- assets: amount rs/-
--------------------------------------------------------------
capital a/c xxxxx current assets:
add:net profit add:fixed assets
(transffered closing stock(if given in trail bal)
from p& l a/c)
less:drawings
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / naveen kumar.karumuri
Based on the Trail Balance during the Financial Year.We should prepare the Balance sheet.
Thank you,
Naveen Kumar.Karumuri
Accounts Executive
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / srinivas rao
check the accuracy of the trail balance after basing on the
trail balance amounts to prepare the trading and profit and
loss a/c then take the net profit after taking the net profit
take the assets and liabilties assign the assets left side
and libilties right side and balancing the amounts
| Is This Answer Correct ? | 0 Yes | 0 No |
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