Question

Full list of assets and liabilities in balance sheet

Answer 1

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In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition".[1] Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business' calendar year.

A standard company balance sheet has two sides: assets, on the left and financing, which itself has two parts, liabilities and ownership equity, on the right. The main categories of assets are usually listed first, and typically in order of liquidity.[2] Assets are followed by the liabilities. The difference between the assets and the liabilities is known as equity or the net assets or the net worth or capital of the company and according to the accounting equation, net worth must equal assets minus liabilities.[3]

Another way to look at the balance sheet equation is that total assets equals liabilities plus owner's equity. Looking at the equation in this way shows how assets were financed: either by borrowing money (liability) or by using the owner's money (owner's or shareholders' equity). Balance sheets are usually presented with assets in one section and liabilities and net worth in the other section with the two sections "balancing".

A business operating entirely in cash can measure its profits by withdrawing the entire bank balance at the end of the period, plus any cash in hand. However, many businesses are not paid immediately; they build up inventories of goods and they acquire buildings and equipment. In other words: businesses have assets and so they cannot, even if they want to, immediately turn these into cash at the end of each period. Often, these businesses owe money to suppliers and to tax authorities, and the proprietors do not withdraw all their original capital and profits at the end of each period. In other words, businesses also have liabilities.


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Answer 2

Explanation:

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Balance sheet defination:-

the balance sheet is not an account but a statement showing the finacial position of a firm as on a given data in the form of assets and liabilities.on tje left hand side of the balance sheet closing balance of all assets shown on the assets side of balance sheet may b classified into fixed assets current assets and fictitious assets and items of liabilities shown on the liablities side of balance sheet may be categorised into fixed liablities and current liabilities.....

Assets:-

1. good will
2. patents and patterns
3. trade market
4. copyright
5. freehold property
6. lease hold property
7. premises
8. land ans building
9. plant and machinory
10. deliveryvan / motor vehicle
11. furniture and fixture
12. office rquipment
13. loose tools
14. investment
15. provident fund investment
16. interest accured on investment
17. loans
18. sundry debtors
19. stock of stationery
20. stock of postal stamps
21. closing stock
22. bill recivable
23. insurance claim receivable
24. cash in hand
25. cash at bank
26. prepaid expenses
27. income receivable
28. patners current account
29. debit balnce of partners

Liablities:-

1. patners capital account
2. partners current account
3. general reserve / reserve fund
4. provident fund
5. loan from partners
6. loan from bank
7. bank overdraft
8. sundry creditors
9. bill payable
10. outstanding expenses
11. income received in Advance