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How to make balance sheet, please advise me in details...
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Answer / ameet narayankhedkar
In financial accounting, a balance sheet or statement of
financial position is a summary of the financial balances of
a sole proprietorship, a business partnership, a corporation
or other business organization, such as an LLC or an LLP.
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". 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 three parts: assets,
liabilities and ownership equity
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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