Balance sheet assets

You will have to take the closing balance on the date on which you are preparing the balance sheet. 

Say if you are preparing the balance sheet on 31.12.2011 then you have to take all the assets and liabilities that are present on that date.

You cannot divide the balance sheet figures to get the balance on the monthly basis.

I agree with Mr Praveen.

agree with pravin

Balance Sheet is always prepared as on date. So you need to account for all the Assets and Liabilities as on date of Balance Sheet. It should be done as if you are closing the books of accounts as on March 31.

You can take a call whether you have to -  

1. Provide for Depreciation on a monthly basis or not.

2. Calculate Foreign Exchange on outstanding receivables / payables on a monthly basis.

3. Make Provisions in the books of accounts etc.

agree with ca kiran ji...

Agree with CA KIRAN Ji...............

Agree with CA KIRAN ji.....

AGREE WITH CA KIRANJI

   BALANCE SHEET APPEAR OUR FINANCIAL POSITON ITS BOTH SIDE MAY BE EQUAL HOWEVER ITS WITHOUT TAKING ASSETS IN VALUE AS ON BALANCE SHEET DATE AFTER PROVISION OF DEPRECIATION

Ya... You should take the hole value of assets 

100% agree with Mr.Kiran.

As per my knowledge if you want to make B/S monthly basis you need to take care about Depreciation on monthly basis.

For Example:

Machinery Value :250000

Rate of Depreciation : 15%

Total Depreciation :  Rs.37500. First Month

Then you should provide depreciation on WDV method on every month and at last you have to take balancing figure which is carried forward to next month's B/S.

As per Income Tax Act,1949.Balace sheet must be prepared at the end of the year.But if Under any cicumstances if it required by Firm it will be prepared on "ACCRUAL BASIS.

REGARDS,

RONAK DARJI

Agree with Pravin Ji....

B/S is just as a status report as on dat specific day.

Agreed with CA Kiran :-)