Balance sheet assets

Page no : 2

Anurag Gupta (STUDENT) (103 Points)
Replied 23 December 2011

MR. RONAK DARJI , CORRECT YOUR INCOME TAX ACT,1961

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Brijesh Nanda (Accountant) (49 Points)
Replied 24 December 2011

AGREED WITH KIRAN JI

Neha Jain (B.Com(H), CA-Final) (64 Points)
Replied 24 December 2011

Agreed With Ca Kiran..........

Balance sheet means balance on that Specific date.... means closing balance...

Aravind.. (CA) (1262 Points)
Replied 24 December 2011

Balance sheet is "as on" a date. So no need of dividing it by twelve for a monthly balance sheet.

Dividing by twelve comes only for profit & Loss account, that too for recurring expenses that have periodical spread.

Raghavender Maale (CA Final student) (41 Points)
Replied 24 December 2011

The balances which are carried forward to next accounting period are taken/shown in Balance sheet. The accounting period may be a month or a quarter or even a year. Then to prepare B/s you can consider closing balances of Assets at the end of every period(month)after considering depreciation alternatively you consider the original cost of assets on assets side and create provision for depreciation and show in liabilities side . The accounting entry will be: Depreciation a/c Dr......{charged to p&l} To Provision for Dep. a/c{Accumulated Balance shown in B/S.}