Question

Summarize the elements of a balance sheet.

NO HAND WRITTEN ANSWERS PLEASE

Answer 1

Balance Sheet : The main Elementof Balance sheet is broadly claasiffied in two parts one is the assets and the other is Liabilities and shareholders equity.

Details of Elements of Balance Sheet are as below,

Assets:

Fixed Asset:

Intangible Assets like Goodwill , Patent

Plant , Machienary, Land, Equipment Building etc.,

Long Term Investments:

Current Assets:

Cash, Account REceivable, Inventories,prepaid Expense, Loans and Advances

Second Part:

Liiabilities & stockholder's Equity:

Liabilities:

Long Term Liabilities & Long Term Borrowings

Current Liabilities:

Account Payable

Bank Loan, Short Term Borrowing, Denentures etc.,

Shareholder's Equity:

Shareholder's Capital

Preferred Share Capital

Reserve & Surplus