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what are the balancesheet,profit& loss a/c,profit & loss
aprrieation a/c format
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Answer Posted / sandeep savdekar
Balancesheet means it shows the actual financial position
of the company.basically bal'sheet have to sides One is
Liabalities And Other is Assets.
Their r 2 types of bal'sheet- one is Horizontal and Other
one is Vertical.
Horizontal one is Like u usually seen on news paper as i
mention above i.e Liabalities and Assets.
In Vertical bal'shet thier r two columes-Funds Employeed
And Funds Employeed as Under.this type formate is very easy
to understand. basically it get prepaid only for lay man
person those dont kw abt bal'sheets.
In Horizontal bal'sheet Liab side represent Amt of money
payable And Assets side represent Amt of money they have in
the for of Long Term Assets.
Profit And Loss A/c created for the purpose of finding Out
the Net Profit or Net Loss.during a peroid.p&l A/c shown in
the format of Dr and Cr sides.
Dr side represents Loss or Expenses
Cr.side represent income or gain
Accordingly Items Get places to get tha actual situatin of
the company.
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The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
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