Outstanding Expenses Is Shown On The _______Side Of The Balance Sheet(A) Assets. (B) Liability. (C) Both A and B. (D) None Of These

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Solution

The correct answer is (B) Liability.

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On dissolution, how you deal with partner’s loan if it appears on the

(a) Assets side of the Balance Sheet

(b) Liabilities side of the Balance Sheet

Q. State whether the following statement are True or False.

Outstanding expenses are shown on the liability side of the Balance Sheet.

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.

Prepare a Common Size balance sheet from the following balance sheet of Aditya Ltd. and Anjali Ltd.:

Particulars	Aditya Ltd. Rs.	Anjali Ltd. Rs.
I. Equity and Liabilities
a) Equity share capital	6,00,000	8,00,000
b) Reserves and surplus	3,00,000	2,50,000
c) Current liabilities	1,00,000	1,50,000
Total	10,00,000	12,00,000
II. Assets
a) Fixed assets	4,00,000	7,00,000
b) Current assets	6,00,000	5,00,000
Total	1,00,0000*	12,00,000

*The total of Liabilities side must be equal to the total of Assets side, therefore, it should be 10,00,000.

Q. Outstanding Expenses is shown on the _______ side of the balance sheet.

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Outstanding Expenses Is Shown On The _______Side Of The Balance Sheet(A) Assets. (B) Liability. (C) Both A and B. (D) None Of These

The correct answer is (B) Liability. Explore more such questions and answers at BYJU’S.

The correct answer is (B) Liability.

Explore more such questions and answers at BYJU’S.