Liabilities and provisions made by sole proprietor are transferred to ________.

left hand side of the balance sheet

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left hand side of profit and loss statement

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left hand side of trading account

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none of the above

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Solution

The correct option is A left hand side of the balance sheet
Standard accounting conventions present the balance sheet in one of two formats: the account form (horizontal presentation) and the report form (vertical presentation). But now According to the companies Act 2013 The balance sheet of a company is prepared as per the formal prescribed in part II of Schedule III of the Act in vertical presentation.

Liabilities and provisions made by sole proprietor are transferred to left hand side of the balance sheet.

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Similar questions

Write the word, term, phrase, Which can substitute each of the following statement.

1) Transfer of a Journal entry from Journal to ledger.
2) Total of Debit side of an A/c is more than total of Credit side of an A/c.
3) Page number of ledger.
4) A book of an account in which all ledger accounts are maintained.
5) Left hand side of an account.
6) Right hand side of an account.
7) Types of accounts which are not balanced but transferred to Trading A/c or Profit & Loss A/c.
8) Bound book of accounts.
9) An account where total of Purchases Book is posted.
10) A statement of accounts prepared from the balances of ledger account.

Q. A rigid massless beam is balanced by a body of mass

4 m

on the left hand side and a pulley-mass system on the right hand side. The value of

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Q. Statement of affairs has two sides: Right-hand side for assets and left-hand side for ___.

Q. A rigid massless beam is balanced by a body of mass

4 m

on the left hand side and a pulley-mass system on the right hand side. The value of

\frac{x}{y}

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(Consider the rope and pulley to be massless).

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

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