from the following receipt and payment account of old man sports club and from the given additional information prepare income and expenditure account for the year ending 31 st march 2021 and the balance sheet as at that date.
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What is balance sheet and example?
- A balance sheet is a statement of a business's assets, liabilities, and owner's equity as of any given date.
- Typically, a balance sheet is prepared at the end of set periods (e.g., every quarter; annually).
- A balance sheet is comprised of two columns.
- The column on the left lists the assets of the company.
What is balance sheet and types?
- Two forms of balance sheet exist.
- They are the report form and account form.
- Individuals and small businesses tend to have simple balance sheets.
- Larger businesses tend to have more complex balance sheets, and these are presented in the organization's annual report.
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