Question

Fixtures and fitting posted in profit and loss account or tradinf account or balance sheet

Answer 1

Answer:

Answer:if it is expense put in profit or loss a/c

Answer:if it is expense put in profit or loss a/cif there is not given anything about expense put in balance sheet asset side

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Answer:if it is expense put in profit or loss a/cif there is not given anything about expense put in balance sheet asset sideput me brainlist and follow me

Answer 2

Fixtures and fitting posted in balance sheet

Explanation:

We summarize the assets and liabilities in the classified balance sheet into different types

Like assets are divided into fixed assets, current assets, and intangible assets.

Fixed assets are also known as long term assets i.e land and buildings, furniture and fixtures, plant and machinery, etc

Current assets are those assets which are liquidated within one year i.e stock, account receivable, etc

And, intangible assets are those assets which are neither touched or ever seen i.e goodwill and intellectual properties which includes patents, trademarks, etc

Liabilities are also categorized into current liabilities, long-term liabilities The accounting equation is used in each balance sheet which means

Total assets  = Total liabilities + shareholder equity

Learn more

What is the difference between balance sheet of a firm and balance sheet of a company ?

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