Answer / sudhish sharma

WHEN BALANCE SHEET IS PREPARED ON CURRENT MARKET VALUE AND WITH ALL INCOME,WHEATHER TAXABLE OR NOT,EVEN REAL INCOME WHICH IS NOT COSIDERED FOR TAX PURPOSE.INCOME OF OTHER PERSON WHICH BELONGS TRO THE PERSON IS ALSO INCLUDED IN THIS.AND SAME IN BALANCE SHEEET SOME ASSETS WHICH ARE NOT PURCHESED IN THE PERSONS NAME BUT HE IS THE OWNER,WILL ALSO INCLUDED IN BALACNCE SHEET.THIS SHOWS THE SHEDOW OF HIS ALL REAL INCOME,EXPENDITURE,ASSETS AND LIABILITIES.

in reply of sreedapa answer ,suppose for the m/o march telephone expense is Rs.800 and for the m/o april Rs.200 For this we will pass tthis entry : Telephone expenses Dr 800 To Tel expenses payable 800 Telephone Expenses Payable Dr 800 to Bank/cash 800 (For the m/o march) And for the m/o april, we will make the provision in the m/o March Telephone expenses Dr. 200 To Telephone Expenses Payable 200 Plz advice

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