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why balance sheet should always tally?
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Answer / patel
Balance Sheet should always tally as we follow the
principle of double entry and in perfect world it should
always tally. Alos if the balance sheet is tallying it
doesn't mean that it is correct as we may have put in a
wrong transaction and followed it by an equal and opposite
trandaction.
| Is This Answer Correct ? | 46 Yes | 10 No |
Answer / darshan chande
B/S always tallies because Assets are always equal to Capital plus Liabilities, and since we recored Assets and Cap+Liab. on each side of B/S it has to tally!
| Is This Answer Correct ? | 27 Yes | 2 No |
Answer / litty jayaraj
The Whole result of expenses and income or input and output
transactions are relected in a balance sheet. every
transaction should have double effect in accounts. Then the
right balance sheet is always tally
| Is This Answer Correct ? | 28 Yes | 6 No |
Answer / moh&
bcz ter is an accounting concept call dual aaspect
concept,,in dat ter is an equation ASSET = LIABILITIES +
CAPITAL..........soo the both side should b equal....
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / amarnath
Bcoz right now all maintianing double entry system of
accounts. when pass the entry at debit side
correspondenlty pass the credit entry (the same amount
recorded in both debit & credit side)
Therefore both side should be tally
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / shipra
TH TOTAL OF BALANCE SHEET OF BOTH SIDE IS ALWAYS TALLY
BECAUSE WE GENERATE CAPITAL AND LIABILITY TO GET ASSETS
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / samiksha
balance sheet is always tallied bcoz a businessman uses
double entry system so there are two effects of each
transaction in debit as well as credit.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / ssfahad
The liability part of the balance sheet is basically for investment purpose. suppose u take 900000 loan its a liability but it is used for purchasing some asset .... therefore u cant use more that u have.
asset + liabilities= capital
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / ravi kanth . m
FOR EVERY OUT WARDS THERE WILL BE A INWARD SO THAT THE
EXPENCES SHOULD BE EQUAL TO THE INCOME IF THE BALANCE SHEET
HAS BEEN TAILED IT SHOWS THE BOOK OF A/C ARE PERFECT.
| Is This Answer Correct ? | 3 Yes | 7 No |
If an overpayment (more than was paid) was posted on a statemnt, can I just make a debit note on the account with the difference? Example Customer had to pay me R 10 000 Payment on his statment was passed for R 15 000 Can I make a debit note with the dif of R 5 000, to rectify the account for the specific month?
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