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why balance sheet should tally
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Answer / diksha
well the balance sheet is a statement showing the value
assets and liabilities of the business as on the last date.
It tallies because of the double entry system which says
taht every transaction affects atleast two persons or
parties or every debit has an equal and corresponding
credit.
| Is This Answer Correct ? | 18 Yes | 4 No |
Answer / vks
A balance sheet is a quantitative summary of a company’s
financial condition at a specific point in time, including
assets, liabilities and net worth. The first part of a
balance sheet shows all the productive assets a company
owns, and the second part shows all the financing methods
(such as liabilities and shareholders’ equity). Also called
statement of condition because it shows the position of all
the assets & liabilities of a company at a specific day.
Therefore, both the side of balance sheet must get tallied
i.e. assets equals to liabilities at any point of time.
| Is This Answer Correct ? | 17 Yes | 10 No |
Answer / riyaz ahamed s
The Balance Sheet is consists of Assets and Liabilities, if
any asset purchase then it will have effect on balance sheet
like.
1) Cash decreases if we purchase asset with cash and the
meanwhile asset value is increases. then balance sheet tallied.
2) If we purchase asset by bank means bank balance decreases
and asset balance is increases. then B/S tallied.
3) If we purchase asset on credit means liability increases
and meanwhile asset values also increases but effect will be
same defiantly balance tallied.
The only reason is we will record all transaction in the
both the sides of the aspects of debit and credit.
| Is This Answer Correct ? | 10 Yes | 3 No |
What is the trial balance
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