Balance Sheet Total 5,80,100.)
Is an asset. Thus, interest on Investments is an income.)
[Hint:
1 The following is the Trial Balance of Atul as at 31st March, 2020:
L.F.
As of Accounts
Dr. Balance (5)
Cr. Balance (0)
50.000
10,000
24,000
16,000
76,700
1,31,000
1,000
Ondors
Krusted Purchases
Se
Achesos Return
Sols Return
Ruk Loan
est on Loan
Cashn Hand
Das al Bank
1,500
10,000
300
3,000
7,500
Miscellaneous Income
1,000
2003
Familure
Camage Outwards
Damage Inwards
Senes
6,000
33,900
4,500
5,000
12,000
18,000
600
4,500
500
2.600
10,000
Bed Debts
Advertising
scount Allowed
Discount Received
Bis Receivable
Sis Payable
ourance
Commission
Ceaing Stock
Total
8,000
2,000
15,400
15,000
2,35,000
2.
2,35,000
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Defining the Balance Sheet
A balance sheet reports a company’s financial position on a specific date.
LEARNING OBJECTIVES
State the purpose of the balance sheet and recognize what accounts appear on the balance sheet
KEY TAKEAWAYS
Key Points
The balance sheet summarizes a business’s assets, liabilities, and shareholders ‘ equity.
A balance sheet is like a photograph; it captures the financial position of a company at a particular point in time.
The balance sheet is sometimes called the statement of financial position.
The balance sheet shows the accounting equation in balance. A company’s assets must equal their liabilities plus shareholders’ equity.
Key Terms
liability: An obligation, debt, or responsibility owed to someone.
asset: Items of ownership convertible into cash; total resources of a person or business, as cash, notes and accounts receivable; securities and accounts receivable, securities, inventories, goodwill, fixtures, machinery, or real estate (as opposed to liabilities).
balance sheet: A balance sheet is often described as a “snapshot of a company’s financial condition. ” A standard company balance sheet has three parts: assets, liabilities, and ownership equity.
A balance sheet reports a company’s financial position on a specific date.
LEARNING OBJECTIVES
State the purpose of the balance sheet and recognize what accounts appear on the balance sheet
KEY TAKEAWAYS
Key Points
The balance sheet summarizes a business’s assets, liabilities, and shareholders ‘ equity.
A balance sheet is like a photograph; it captures the financial position of a company at a particular point in time.
The balance sheet is sometimes called the statement of financial position.
The balance sheet shows the accounting equation in balance. A company’s assets must equal their liabilities plus shareholders’ equity.
Key Terms
liability: An obligation, debt, or responsibility owed to someone.
asset: Items of ownership convertible into cash; total resources of a person or business, as cash, notes and accounts receivable; securities and accounts receivable, securities, inventories, goodwill, fixtures, machinery, or real estate (as opposed to liabilities).
balance sheet: A balance sheet is often described as a “snapshot of a company’s financial condition. ” A standard company balance sheet has three parts: assets, liabilities, and ownership equity.
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