Menu
Info
In balance sheet ,why assets are recorded in credit side and liabilities are recorded in debit side ,although both have opposite balance of Dr and cr ?
Replies (1)
Balance sheet is not a ledger Account..
In Ledger A/c we have on left side Debited items & on Right side Credited items.
In Balance Sheet (Horizontal format) on left side we have Liabilities which generally have Credit balance & on right side we have Assets having Debit balance.
Recent Topics :
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
- Error - Blank Rows in Schedule SI (ITR-2)
- Dividend from co-operative society
- SECTION 139(10) OF THE COMPANIES ACT, 2013 CASE
- TDS u/s.194C returns filed in ITR-1
- TDS on Property - Form 26QB Related
- Capital gains on sale of flat from wife to husband
Related Topics :
CAclubindia
