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In order to know what are the items that include in a balance sheet, you need to firs understand What is a Balance Sheet?
A Balance Sheet is a Financial Position Statement of a business on a particular day. Generally an Annual Period of 12 months is considered appropriate to evaluate a Financial Position of any business.
Balance Sheet consists of two fold items:
1) The Assets owned by a business
2) The Liabilities owed by a business
The Assets includes the following major groups of items:
A) Current Assets
B) Non-Current Assets
C) Intangible Assets
Current Assets includes those items which have utilities for a short period of time, generally a year
Non-current Assets includes those items which have utilities for a longer period of time, generally more than a year
There is varied list of items that comes under Current Assets, but the major ones are as under:
Cash and Bank balances
Accounts receivables
Notes receivables
Inventory
Short term advances
Short term investments
Prepaid expenses
Taxes receivable
Others
Similarly there is varied list of items that comes under Non-Current Assets, but the major ones are as under:
Long Term Investments
Due From Shareholder's/Directors/Owners
Fixed Assets
The Liabilities includes the following major groups of items:
1) Current Liabilities
2) Long-term liabllities
3) Shareholder's (Owner's) Equity
There is varied list of items that comes under Current Liabilities, but the major ones are as under:
Bank Overdraft
Line of Credit
Accounts Payable
Accrued Expenses (Liabilities)
Notes payable (short term only)
Credit Card's Dues (payables)
Taxes payable
Current portion of Long-term debts
Others
Similarly there is varied list of items that comes under Long-term liabilities:
Long-term debts
Due to Shareholder's (Owner's)
Owner's Equity includes
Share Capital
Retained Earnings (deficit)
There is one more item presented on the Balance in the liability section but only as a foot note and it is called Contingent Liability
e.g. If there is any legal suit filed against the company for any breach or dsipute by the third party and it may result in a suit loss....then the same must be mentioned as a foot note under Contingent Liability
The above are just the major item listing and the detail list may vary from company to company or business to business.
Current Assets
Non Current Assets
Current Liabilities
Non Current Liabilities
Equity
Assets,Liabilities and Owners equity
Balance Sheet is consist of Assets & Liabilities with Owners Equity and they are further Break down to Current Assets & non Current Assets. Current Liabilities & non Current liabilities
Assets
Liabilities
Cash
Equity
Bank Overdarft
items included in the balance sheet (by general category) are: Assets: Cash, marketable securities, prepaid expenses, accounts receivable, inventory, and fixed assets. Liabilities: Accounts payable, accrued liabilities, taxes payable, short-term debt, and long-term debt.
A Balance Sheet is a Financial Position Statement of a business on a particular day. Generally an Annual Period of 12 months is considered appropriate to evaluate a Financial Position of any business.
It consists of assets and liabilities Assets it contains 2 groups of accounts. First fixed assets like cars and buildings, and second current assest like inventory, customers
Liabilities have 2 kinds of accounts. First one is equity which consist of Capital and Reseve and second is current liabilities like suppliers
Balance Sheet Consist of Two Sides one is Debit and another is Credit as per T-shape format.
Now schedule III came in to force thus no companies follow the T-shape format for making balance sheet.
However, a balance sheet includes the following...
1) Assets: Fixed Assets, Current Assets
2)Equity and Liablities: Equity share Capital, Long Term Liablities, current Liablities.
This is just a major heading of an assets are given. under each heading several different items can be taken based on certain rules for qualifying an item as a fixed assets or Current assets; Current liablities or long term Liabilities.
Total liabilities and Shareholder capital that equals total assets
Typical line items included in the balance sheet are:
The balance sheet is a report that summarizes all of an entity's assets, liabilities, and equity as of a given point in time.
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