what are all the items comes under balancesheet(liability
side & asset side) step by step.& also trading and p&l
account. somany companies asking this type of question .
please tell me...
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Answer / megharaaj
UNDER LIABILITY
CAPITAL / SHARE CAPITAL
LOANS LIABILITY (Secured loan & Un Secured Loan)
CURRENT LIABILITIES (S.Creditors, Duties taxes,Out standing
liability, Provisions & Payables)
RESERVES AND SURPLUS / PROFIT
UNDER ASSETS
FIXED ASSETS
CURRENT ASSETS (Closing Stock, loans & Advances,
S.Debtors,Cash and Bank Investments etc)
INTANGIBLE ASSETS
NET LOSS
TRADING ACCOUNT
Debit Side (Left Side)
Opening Stock
Purchase
Direct Expenses
Gross Profit
Credit Side (Right Side)
Sales
Closing Stock
Net Loss (if it is under loss)
PROFIT & LOSS A/c
Debit Side
Expenses
Net Profit
Credit Side
Gross Profit
Indirect Income
Megharaaj, Mysore
| Is This Answer Correct ? | 87 Yes | 12 No |
Answer / ogati sucharitha
Trading account is prepares mainly to know the profitability
of the goods bought and sold by the business man.
The items which are shown under trading account relates to
purchases and production.
Trading account consists of two side debit side and credit side
DEBIT SIDE SHOWN ITEMS ARE:---
1.opening stock
2.purchases
3.direct expense:--
a.buying expense
b.manufacturing expenses
4.gross profit c/d(c/d=carried down)
CREDIT SIDE SHOWN ITEMS ARE:---
1.sales
2.closing stock
the items shown in profit and loss account debit side are:---
1.selling and distribution expenses:---
a.salesman's salary and commission
b.commission to agents
c.freight and carriage on sales
d.sales tax
e.bad debts
f.advertising
g.packing expenses
h.export duty etc...............
2.administrative expenses:----
a.salaries
b.rent
c.rates and taxes
d.audit fess
e.bank charges
f.printing and stationary etc.......
3.financial expenses:---
a.discount allowed
b.interest on capital
c.interest on loan etc........
4.maintenance,depreciation and provisions:----
a.repairs
b.depreciation
c.provision for bad and doubtful debts etc.......
profit and loss account credit side:----
1.gross profit b/d(b/d=brought down)
2.discount received
commission received
3.rent received
4.interest received
5.interest on investments
6.dividend received etc...........
balance sheet :----
balance sheet is divided into two parts liabilities and assets
LIABILITIES:---
1.SHARE CAPITAL:----
a.authorized share capital
b.issued share capital
c.subscribed share capital
2.RESERVES AND SURPLUS:--
a.general reserve
b.profit and loss appropriation surplus
c.specific reserve etc.......
3.SECURED LOANS:---
a.debentures etc.....
4.UNSECURED LOANS:---
5.CURRENT LIABILITIES AND PROVISIONS:---
a.taxation provision
b.out standing expenses
c.tax on dividends etc.........
ASSETS:---
1.FIXED ASSETS:---
a.land and buildings
b.plant and machinery
c.furniture and fittings
d.patents
e.copy rights etc......
2.INVESTMENTS:----
a.investments in shares
b.investments in debentures etc......
3.CURRENT ASSETS LOANS AND ADVANCES:----
a.cash in hand and at bank
b.closing stock
c.sundry debtors
d.prepaid expenses etc.......
4.MISCELLANEOUS EXPENSES:---
a.preliminary expenses etc.....
5.PROFIT AND LOSS ACCOUNT LOSS
| Is This Answer Correct ? | 86 Yes | 11 No |
Answer / jayakumar
for Companies
Liability Side Asset Side
Share Capital Fixed Assets
Reserves & Surplus Current Assets
Un Secured Loans Stock Finished Goods
Stock in Raw Material
Secured Loans Sundry Debtors
Cash in hand
SundryCreditors Cash At Bank
Preliminary Expenses
Provision
| Is This Answer Correct ? | 102 Yes | 33 No |
Answer / hema.r
balance sheet as on........
liabilities assets
1.share capital 1.fixed assets
equity good will
preferance land and buildings etc
2.reserves and surplus 2.investments
3.secured loans 3.current assets
4.unsecured loans debtors
closing stock
5.current liabilities 4.miscellaneous exp
creditors
bills payable
bank overdraft
| Is This Answer Correct ? | 37 Yes | 12 No |
Answer / sai krishna b
Balance sheet:-
Under Liabilities:
Current Liabilities-(Bills Payable, Sundry Creditors, Bank Overdraft)
Long Term Liabilities-(Loan from Bank, Loan from Wife)
Fixed Liabilities-(Capital)
Under Assets:
Liquid Assets-(Cash in Hand, Cash at Bank)
Floating Assets-(Sundry Debtors, Investments, Bills Receivable, Stock in Trade, Prepaid Expenses)
Fixed Assets-(Plant & Machinery, Land & Building, Furniture & Fixtures, Motor Car)
Intangible Assets-(Goodwill,Patents, Copyrights, Licenses)
Fictitious Assets-(Advertisements, Misc.Expenses)
NAME:SAI KRISHNA BYRISHETTY
| Is This Answer Correct ? | 28 Yes | 8 No |
Answer / guest
under liability: capital, loans(liability)current liability,
profit and loss
under asset: fixed asset, investment and current asset
under trading: opening balance, purchase, direct expenses
gross profit on right side, and left side sales and closing
balance and gross loss.
| Is This Answer Correct ? | 35 Yes | 18 No |
Answer / m v sivaiah
SOURCES OF FUNDS
PARTNERS CAPITAL ACCOUNT
PARTNERS CURRENT ACCOUNT
SECURED LOANS
UNSECURED LOANS
APPLICATION OF FUNDS
FIXED ASSETS
Original Cost
Less: Accumulated Depreciation
CURRENT ASSETS, LOANS & ADVANCES
a) Inventories
b) Sundry Debtors
c) Cash & Bank Balances
d) Other Current Assets
e) Loans & Advances
Less: CURRENT LIABILITIES & PROVISIONS
a) Current Liabilities
b) Provisions
Net Current Assets
P&L ACCOUNT
REVENUE
Sales & Services
Other Income
EXPENDITURE
Cost of Goods Sold
Administrative & General Expenses
Finance Charges
Depreciation
Net Profit Before Taxes
Less: Provisions
- For Current Tax
Less:
- Interest on Partners Capital Account
- Remuneration to Working Partners
Net Profit after tax transferred to partners account
| Is This Answer Correct ? | 5 Yes | 3 No |
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