In Balance Sheet Why we entered Liabilites & Incomes under
Liabilites side , Assets & Expenditures under Assets
side.In general think incomes are asssets,expenditures are
liabilites.
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Who told you expenditure will be placed under assets side.
Expenditures will be be deducted from revenue and income or
loss will be arrived. Profit will be added to capital and
losses will be deducted from capital account. you know
pretty well that capital account will be placed under
liabilitieds side. You simply note down that expenses or
incomes will not find place in balance sheet
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| Is This Answer Correct ? | 33 Yes | 1 No |
Answer / vadlakondav
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| Is This Answer Correct ? | 6 Yes | 0 No |
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Answer / mannavarr
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| Is This Answer Correct ? | 1 Yes | 0 No |
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Answer / n k gupta
All Liabilites to the business has to be on liabilities
side and indcome to the business is owners Asset i.e
Shareholders. thats the reason all income is also liability
to business.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / anil ahuja
Liablities and incomes are always have Credit Balance and
Assets & Income are always have Debit Balance
| Is This Answer Correct ? | 2 Yes | 3 No |
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