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A balance sheet is a statement of a businesss assets liabilities and owners equity as of any given date. Making of balance sheet and profit loss is utmost important. Liabilities in the Balance Sheet.

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A balance sheet is a summary of all of your business assets what the business owns and liabilities what the business owes.

Duties & taxes in balance sheet. A companys balance sheet also known as a statement of financial position reveals the firms assets liabilities and owners equity net worth. Assets are things your business owns such as equipment inventory accounts receivable or cash. Sales tax and use tax are usually listed on the balance sheet as current liabilities.

Every business is supposed to make Profit and loss and Balance Sheet at the end of the financial year. For instance a company may report on its balance sheet a fleet of 10 cars as assets worth 200000. Typically a balance sheet is prepared at the end of set periods eg every quarter.

The importance of a balance sheet is that it serves as one of the tools management lenders and investors use to assess a companys overall situation. Direct Expenses in Profit Loss Account C. A balance sheet is a snapshot of a particular point in time normally at specific points through the year and at the end of the tax year.

A balance sheet balances because it includes all the activity of the origination since it was born. The column on the left lists the assets of the company. Balance Sheet Taxes and Pensions.

Filing of ITR 3 and ITR 4 requires the details of Profit and loss AC and Balance in the Format provided in the Income Tax Utility Forms. Income taxes payable a current liability on the balance sheet for the amount of income taxes owed to the various governments as of the date of the balance sheet If a corporation has overpaid its income taxes and is entitled to a refund the amount will be reported on the balance sheet as a current asset such as Other receivables. A balance sheet is a way for business owners accountants and tax preparers to understand the assets liabilities and equity in an organization.

Every transaction and every transaction balances. Traditional Balance Sheet- The traditional balance sheet is designed to serve as a snapshot of the financial position of a business at a given point in time. At the end of the year the balances of all accounts relating to income and expenditures are transferred to profit and loss account and the balances of remaining accounts are shown in the balance sheet.

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