Balance Sheet Assignment Help

Creation of Balance Sheet for explanatory the financial item of the erection. The preparation of the balance sheet is on the same pattern as of the trade entities. It depicts liabilities and assets as during the end of the year. Assets are depicted on the right-hand side whereas the liabilities are depicted on the left-hand side. However, there will be a General Fund or Capital Fund in place of the Capital and the surfeit or deficit as per Income and Expenditure A/c which is either deducted from or added to the capital fund, as the scenario may be. It is a common practice to add some of the subsidized items like entrance fees, legacies and life membership fees precisely in the capital fund.

When a balance sheet is prepared, current assets and liabilities will be classified clearly to inform the company of their obtain ability, such as:-

  • Fictitious assets
  • Liquid assets
  • Current assets
  • Fixed assets
  • Current liabilities
  • Fixed liabilities
  • Fund
  • Reserve

Compose a trial balance- It is a regular report included in any accounting programme. If it is a manual mode, then create a trial balance by transferring every general ledger account’s ending balance to a spreadsheet.

Arrange the trial balance- It is important to arrange the initial trial balance to assure that the balance sheet similar to the relevant accounting structure. While using adjusting entries to adjust the trial balance all the entry should be completely recorded so the auditors can understand why it was made.

Discard all expense and revenue accounts- The trial balance includes expenses, revenue, losses, gains, liabilities, equity, and assets. Remove all from the trial balance besides equity, liabilities, and assets. However, the deleted accounts are used to create an income statement.

Calculate the remaining accounts- In this stage, sum up all the trial balance account used to create a balance sheet. The standard line items applied in the balance sheet are:

  • Cash
  • Accounts receivable
  • Inventory
  • Fixed assets
  • Other assets
  • Accounts payable
  • Accrued liabilities
  • Debt
  • Other liabilities
  • Common stock
  • Retained earnings

Validate the balance sheet- The total for all assets recorded in the balance sheet should be similar to the liabilities and stockholders’ equity accounts.

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