BUSINESS BALANCE SHEET
The balance sheet is a part of the financial statement, and this statement gives a clear position of the assets and liabilities of any person.
We will check the following points in the business balance sheet of persons.
LIABILITY SIDE
- Equity Share
- Preference share
- All Non-Current liability
- Debenture
- Unsecured Loans
- Secured Loans
- All other non-current liability
- Sundry creditors
- Bills Payable
- Outstanding Expenses
- All other current liability
ASSETS SIDE
- Furniture
- Plant & machinery
- Computer
- All other types of fixed assets
- In govt. security
- In non-govt. security
- Security deposit
- LIC Investments
- All other types of investments
- Loans & Advances
- All current assets
- Sundry debtors
- Bills Receivable
- Cash & Bank
- Prepaid Expenses
- Any other type of current assets.
THE BALANCE SHEET MAKES INTO TWO TYPES
- In the case of a Company – The vertical form
- In case of other than a company – Horizontal form.
PROFIT AND LOSS ACCOUNT
- The profit & Loss account is also part of the financial statement. This statement explains the profit of the business. Profit and loss account also makes in two types. In the case of a company, then vertical form, and cases other than the company, we will make in horizontal form type.
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