Balance sheet
This query is : Resolved
06 August 2011
HELLO
please tell me sir why we put all assets on right side and all liabilities on left side in balance sheet.
please tell me sir why we put all assets on right side and all liabilities on left side in balance sheet.
vijayakumar.sure
(Expert)
06 August 2011
As per my sense, it is nothing but a predefined format like a,b,c,d,e,f...and not abdcfe...so we need to follow.
Also Asset is nothing but a receivable or receipt, so as per Profit and Loss statement priniciple, incomes should come on Credit side of PL which is right side same as in case of Assets too and vice versa.
Also Asset is nothing but a receivable or receipt, so as per Profit and Loss statement priniciple, incomes should come on Credit side of PL which is right side same as in case of Assets too and vice versa.
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