what are all the items comes under balancesheet(liability
side & asset side) step by step.& also trading and p&l
account. somany companies asking this type of question .
please tell me...
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Answer Posted / m v sivaiah
SOURCES OF FUNDS
PARTNERS CAPITAL ACCOUNT
PARTNERS CURRENT ACCOUNT
SECURED LOANS
UNSECURED LOANS
APPLICATION OF FUNDS
FIXED ASSETS
Original Cost
Less: Accumulated Depreciation
CURRENT ASSETS, LOANS & ADVANCES
a) Inventories
b) Sundry Debtors
c) Cash & Bank Balances
d) Other Current Assets
e) Loans & Advances
Less: CURRENT LIABILITIES & PROVISIONS
a) Current Liabilities
b) Provisions
Net Current Assets
P&L ACCOUNT
REVENUE
Sales & Services
Other Income
EXPENDITURE
Cost of Goods Sold
Administrative & General Expenses
Finance Charges
Depreciation
Net Profit Before Taxes
Less: Provisions
- For Current Tax
Less:
- Interest on Partners Capital Account
- Remuneration to Working Partners
Net Profit after tax transferred to partners account
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