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Balance Sheet Format

The balance sheet discloses a business's financial position at a specific point in time by listing assets, liabilities, and owners' equity. It follows a standard format with assets on the left side and liabilities and equity on the right side. Assets are listed as current assets, non-current assets, and fixed assets. Liabilities include current liabilities, which are due within one year, and long-term liabilities that are due after one year. Owners' equity represents the claims of the business owners and is calculated by subtracting total liabilities from total assets.

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16K views2 pages

Balance Sheet Format

The balance sheet discloses a business's financial position at a specific point in time by listing assets, liabilities, and owners' equity. It follows a standard format with assets on the left side and liabilities and equity on the right side. Assets are listed as current assets, non-current assets, and fixed assets. Liabilities include current liabilities, which are due within one year, and long-term liabilities that are due after one year. Owners' equity represents the claims of the business owners and is calculated by subtracting total liabilities from total assets.

Uploaded by

Dilfaraz Kalawat
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Final Accounts

Part 3
Balance Sheet
Definitions and Concepts

The purpose of Preparing Balance Sheet is to disclose the financial status of business
organization in terms of its assets and liabilities at any given point of time.

Format of Balance Sheet

Liabilities Amount Assets Amount


(Rs) (Rs.)
I. Owners’ Capital: I. Fixed Assets:
Opening balance Land XXX
Of Capital XXX Buildings XXX
Less: Drawings XXX Plant & Machinery XXX
Add/Less: Profit/Loss Furniture XXX
Transferred from Vehicles XXX
Profit and Loss A/c XXX Patents XXX
--------- Goodwill, etc. XXX
Closing balance of Capital XXX ---------
Gross Fixed Assets XXX
II. Borrowed Capital/Long Less: Depreciation XXX
Term Liabilities: ----------
Secured Loan: Net Fixed Assets XXX
Bank Loan XXX
Any loan for more II. Non-Current Assets:
Than 12 months and Investments XXX
Secured. XXX
--------- III. Current Assets:
Total Secured Loan XXX Sundry Debtors XXX
Unsecured loan: Inventory/Closing Stock:
Any loan for more Raw Material XXX
than 12 months and Work-in-Process XXX
unsecured XXX Store and Spares XXX
--------- -------
Total Unsecured Loan XXX XXX Total Inventory XXX
Total Long Term Prepaid expenses XXX
Liabilities Income Receivable XXX
Cash at Bank XXX
III. Current Liabilities: Cash in Hand XXX
Sundry Creditors XXX --------
Advance received Total Current Assets XXX
From Customers XXX
Outstanding expenses XXX
Income received in
Advance XXX
Taxes payable XXX
Bank Overdraft XXX
-------- XXX
Total Current Liabilities
Total XXX Total XXX

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