Borrowings and other liabilities is equal to borrowings
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The balance sheet is a snapshot at a single point in time of the company's accounts – covering its assets, liabilities and shareholders' equity. The purpose of the balance sheet is to give users an idea of the company's financial position along with displaying what the company owns and owes.
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Explanation:
Auditor's Duty Regarding Depreciation
The Auditor cannot be held responsible for estimating the working life of an asset; it is the job of an expert valuer. ... Depreciation should be charged on revalued amount, if there is revaluation of assets.
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