Hi, We want to know about Balance Sheet, and what is main need for preparatio

Hi,
We want to know about Balance Sheet, and what is main need
for preparation of B/s

Question Posted / happynlg

1 Answers
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Hi, We want to know about Balance Sheet, and what is main need for preparation of B/s..

Answer / h.r. sreepada bhagi

Balance Sheet is the statement of Assets & Liabilities of an enterprise/organisation as at the end of an accounting period (month/quarter/half year/year). This is prepared after preparing the Profit & Loss Account for the period ended on that date know the position of the enterprise concerned. Besides Assets & external liabilities, Balance Sheet also shows the capital or the owners equity. Balance Sheet is a must for complying with the statutory requirements besides the management requirements.

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