what is the use preparing balance sheet
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Answer / h.r. sreepada bhagi
The purpose of any business entity and its promoters is to
earn profit and ensure the growth of the organisation to
maximise profit & wealth over the years. To know the profit
earned or loss incurred & also the status of assets &
liabilities the books of accounts are closed at the year end
and Profit & Loss Account for the period & Balance Sheet at
the end of that year are prepared.
Balance Sheet shows the status of Assets, Liabilities &
Networth as at the end of any accounting period. From this
the promoters can decide whether the business is worth
continuing or not & can compare the growth year-on-year for
teh last few years.
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Answer / elamparithy.a
to know the financial position of the business
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / kiran negi
balance sheet is a statement which tells the financial
position of a company. It is used to depict the financial
condition.
| Is This Answer Correct ? | 3 Yes | 0 No |
By preparing the balance sheet we can know the final
position of the particular organisation,firm or the
business in th balance we will record the total total
assets and liabilities .Throush the tally of the balance
sheet we can identify the finacial position of the
business. These are the uses of the balance sheet.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / m.d.shweatha
it is called balance sheet bcoz .it is a sheet of balance of
those ledger accounts which have not close till the
preparation of trading profit and loss account
| Is This Answer Correct ? | 0 Yes | 2 No |
can you give me debit n credit rules
1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.
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