Question

which type of account is shown in the balance sheet

Answer 1

Answer:

A personal balance sheet lists current assets such as cash in checking accounts and savings accounts, long-term assets such as common stock and real estate, current liabilities such as loan debt and mortgage debt due, or overdue, long-term liabilities such as mortgage and other loan debt.

Answer 2

ANSWER :

★ The balances of all the personal accounts and real accounts are shown in the Balance Sheet being grouped as Assets and Liabilities.

• ❒ On the Asset side of the Balance Sheet, all the balances of personal and real accounts appearing in the debit side of the Trial Balance will be shown except Drawing Account as it will be shown on the Liabilities side as a deduction from Capital Account.

• ❒ On the Liabilities side of the Balance Sheet, all the balances of personal and real accounts appearing on the credit side of the Trial Balance will be shown. These are the accounts remaining in the Trial Balance after the preparation of Trading and Profit and Loss Account.

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KNOW MORE :

❖ Definitions of Balance Sheet :-

• ❍ According to J. R. Batliboi, "A Balance Sheet is a statement prepared with a view to measure the exact financial position of a business on a certain fixed date".

• ❍ According to A. Palmer, "The Balance Sheet is a statement at a particular date showing on one side and trader's property and possessions and on the other side the liabilities".