Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Dear friend,
i am submiting my income statment and balance sheet can you check and tell me wheather it is right or wrong.........one more thing my balance sheet is not balance because owner equity i did not included in that how i will calculate the owner equity to balance the balance sheet?

From Qatar, Doha

Attached Files
File Type: xls income statement and balance sheet -1.xls (23.0 KB, 4345 views)

Dear friend can somebody help me with the full word of these abbreviations found normally in a payslips or salary statement: HRA, CONV, MED, EDN, LSUB, OAL, PPE, ESI, P.F, EG and EBAS
From Kenya
Dear All, Please try to tell me, why net profit put in liabilities side and net loss put in assets side of Balance sheet. It is really very urgent to me sir. Thanks & Regards, Satyajit
From India, Delhi
Hi,
The profit or net income belongs to the owner of a sole proprietorship or to the stockholders of a corporation and so it shown on liability side. The owner’s or stockholders’ equity is reported on the credit side of the balance sheet.Balance sheet reflects the accounting equation, Assets = Liabilities + Owner’s Equity.
For example. Assume that you own a sole proprietorship and you provided a service to a customer. One of your business assets (cash or accounts receivable) increased and your liabilities were not involved. Therefore, your business liabilities will remain the same and your equity in the business will increase.
Accountants prepare an income statement or P&L to report the revenues and expenses, but the ultimate effect is that the business assets and owner’s equity will increase when there is a profit or net income.
Hope the same will be clear at your end.

From India, Ahmadabad
Respected sir
Myself murali i got a job in dubai in a real estate company as an accountant but the company has no accountant since 2001
iam so worried .. you please guide me .
what are the registers to be maintained etc
you kindly note the points that you feel important....

From Qatar, Doha
To
CA.Nilay shah
Respected sir
Myself murali i got a job in dubai in a real estate company as an accountant but the company has no accountant since 2001
iam so worried .. you please guide me .
what are the registers to be maintained etc
you kindly note the points that you feel important....
Regards
Murali

From Qatar, Doha
This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™