ALREADY ONE BALANCE SHEET AND P&l PREPARED, BASED ON THAT IF COST IS INCREASE 10 % AUTOMATICALLY PROFIT REDUCED, HENCE IN BALANCE SHEET LIABILITY SIDE REDUCED, SO PLEASE GUIDE ME.. HOW TO TALLY BALANCE SHEET ? DO I INCREASE OTHER LIABILITY OR DO I DECREASE ASSET SIDE WHICH IS GOO PRESENTATION THNX
1 Replies
Manish Jain
(Chartered Accountant)
(119 Points)
Replied 25 May 2016
Depends on whether the payment for the expense has been made or is payable.
If the payment has not been made, increase the creditors. If it has already been made, decrease the cash balance.
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