Prepare Balance Sheet with five imaginary figures.
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Balance Sheet is the financial statement of the company, which shows assets and liabilities of the company.
Asset are valuable things of the company which runs the business.
Liabilities of the company are the liability of the firm which he owes to the outsider as well as the insider.
Balance Sheet of the firm -
Liability
Capital 1,00,000
Bills Payable 50,000
Creditors 50,000
Bank Overdraft 50,000
Short Term Loans 50,000
Total of Liability = 3,00,000
Asset
Cash 50,000
Bank 50,000
Machinery 50,000
Building 1,00,000
Furniture 50,000
Total of Asset 3,00,000
These are some of the asset and liabilites of the firm
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