★THE BALANCE SHEET ⚖️📑★

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ALL ABOUT ACCOUNTING : 34th BLOG

          ☆☆ACCOUNTING☆☆

★ ACCOUNTING EXERCISE AND PRACTICES  :

  Lesson : 1
          
                  ★BALANCE SHEET ⚖️📑★

☆ Main elements of a balance sheet :

The main elements of a balance sheet are : 
Assets, Liabilities and Equity 

Accounting equation :
Total assets = Total liabilities + Equity 

ASSETS : Assets represent what is owned by the organization or owed to it. Assets are those items in which an organization has invested it's funds for the purpose of  generating future receipts of cash. On the balance sheet, total assets are always equal to the sum of liabilities ➕ equity. 

Liabilities :  Labilities represent what is owed by the organization to others either in the form of a loan which has been extended to it or obligations for the organization to provide good's and services in the future. 

Equity : Equity is equal to assets less liabilities. Unlike liabilities, the equity of an organization. Does not 🙅 have to be repaid. It therefore represents the value or net worth of the organization.  Equity includes capital contributions of any investors or donors, retained earnings, and the current year surplus. 

Put ☑️ in the appropriate column :

      TERMSASSETSLIABILITIESEQUITY 
Cash     ☑️  
Equipment, Plant & Machinery    ☑️  
Accounts payable           ☑️ 
Accounts receivable    ☑️  
 Net loss or net profit      ☑️
Unsecured loans       ☑️ 
Building, furniture
    ☑️  
Receivable loans    ☑️  
Fund from owners      ☑️
Loang term investment    ☑️  
Long term debt [Concessional]       ☑️ 
 Advance salary paid    ☑️  
Salary payable       ☑️ 


 


Remaining exercise and practices on balance sheet discuss in 35th blog... 

                                  So wait my 35th blog..... 
 
                     _________________________
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* Buy some printing bill calculators with
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* Buy some computer accessoriessories :- 
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Comments

  1. AnonymousJuly 1, 2020 at 4:52 AM

    I love this blog. I don’t know what I’d do without you and your great info! Thank you so much!

    ReplyDelete
  2. AnonymousJuly 1, 2020 at 4:53 AM

    Thank you so much for sharing all this wonderful info with the how-to’s!!!! It is so appreciated!!!

    ReplyDelete

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