Balance sheet accounts format. Get indian oil corporation latest balance sheet financial statements and indian oil corporation detailed profit and loss accounts. The balance sheet also divides the assets and liabilities into. Assets are on the left side and liabilities and equity are on the right side.
The balance sheet format helps the user by grouping these accounts into classes such as the function of the account the business use of the resources and whether resources and liabilities are short term or long term. It may be noted that in this format bs format is given for company where are revenue ac is given for a single proprietor. The company now has two more assets on the company balance sheet.
A balance sheet can be prepared as of any date but its usually prepared as of month quarter or year end. What is balance sheet. Inventory and prepaid expenses.
The balance sheet is one of the most important financial statements and is useful for doing accounting analysis and modeling. The example above shows a balance sheet in a horizontal format. I would like to suggest that it is better to give balance sheet format separately for sole trading concern and company.
Get acc latest balance sheet financial statements and acc detailed profit and loss accounts. It shows a companys assets liabilities and equity accounts. The company spent a total of 7400 in cash leaving a balance of 42600 50000 7400.