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Why always Balance Sheet Tally?
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Answer / kumar
Because, in double entry systme each debit will have
credit, at the same time each credit will have debit.
Balance sheet is a result of these entries. So, it should
always tally.
| Is This Answer Correct ? | 36 Yes | 4 No |
Answer / kasthuri
Every asset we are purchasing, there must be some source.
Sources are therefore equal to funds used.
The asset purchased is from some or othere source,nothing
but capital.
Therefore assets are equal to liabilitiess.
It's just like expenses are equal to incomes, ofcourse
without savings.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / pavanraj.d
According to accounting principles assets = capital +
Liabilities. Hence the balance sheet should tally as the
liabilities and capital will be recorded in left-hand side
and assets will be right hand side.
| Is This Answer Correct ? | 2 Yes | 1 No |
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