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Why do balance sheet always have same total of Assets and
liabilities..??? pls ans dis...my id is
business.ankita@gmail.com
- 13 Answers
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Answer / ashish kumar tiwari
Due to Accounting Principle and second thing is We are
working with double entry system as per accounting
stadared,Dr & Cr is equal.
| Is This Answer Correct ? | 29 Yes | 4 No |
Answer / bk
According to accounting princple every dr has a
corresponding cr.balance.Balance sheet is a statement to
know the financial position of the business.as we are
following double entry system of accounting.
| Is This Answer Correct ? | 12 Yes | 2 No |
Answer / swamydlj@rediffmail.com
Hi Dear,
all the above answers may be the reasons why B/s showing
the same ammounts.
but as per my knowledge in another corner b/s contains the
profit/loss entry which is not actual Asset or liability.
but if the company gains the profit we will show it in
liability side as company needs to pay that profit to share
holders. the actual loss or profit carryforward from T/b
and showing it into b/s that is why it is always tallied.
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / ameet
Dear Ankita, according to the double entry system of
accounting, every debit should have a equal credit,
otherwise it would not be called as 'Balance Sheet'. Hence,
all the incomes generated by the company/business have
expenses to run. Every year every business concern should
give it for audit, to confirm whether every recorded
transaction is true to the best of knowledge, and therein
the role of an auditor arises, where he has to check and
confirm that everything mentioned in the balance sheet has a
true and fair view.
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / mayur patel
Due to Accounting Principle and second thing is We are
working with double entry system as per accounting
stadared,Dr & Cr is equal..
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / lokesh babu
Hi ankita,
Here we should learn the basic concept of accounting.
In INDIA we are following double entry system because of that every debit have equal credit.
EX: company is artificial person, we are investing Rs.1,00,000 i.e in the assets side cash Rs100000 at the same side liability side Creditors/capital 100000.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / ram
what ashish kumar is written is right suneetha ur wrong
actually that is not a concept that u have mention ok
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / dinesh
according to the double entry system of
accounting, every debit should have a corresponding credit.
so B/S shows it in that way...
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / aashish tahelani
because of our accounting principles if they do not match
it means there is error in that balance sheet.
| Is This Answer Correct ? | 0 Yes | 0 No |
What is the trial balance
24 Answers A1 Technology, Capital IQ,
What is effect in trial balance as on 31st march
2 Answers First American Corporation,
explain Dual entry concept
please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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