Balance sheet

Queries

1. Does public provident fund comes in Balance Sheet or not? If yes then under which section: Investment or Fixed Assets or any other?

2. What includes in Opening Balance?

  • Bank Balance
  • National Savings Certificate
  • Tax Saving Mutual Funds
  • Any property

Are all the above things include under Opening Balance?

3. Does compound interest accrued on Fixed Deposits also mention in Balance Sheet under Assets? If yes, then under which section?

4. How property value calculates & enters into Balance Sheet, if property purchased for ex: like 10 years ago...so, purchased value will be entered in balance sheet Or current value based on the circle rate? And if property is of two persons name then value will be divided, so for ex: 100,000 then each person balance sheet will have 50,000?

Thanks,

Raj

 

Replies (2)

It should be Assets in the Balance sheet

Investment in PPF should be included in Current Assets. Interest on FD whihc is receivable shold be shonw under Current Assets as Interest Receivable. Property value entered in B/S would be cost of the property incurred at the time of purchase. MArket value will not be shown in the B/S. It can be only shown by way of an note.

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