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On 06 April 2011.
New balance sheet format. It is prepared after trading and profit and loss account is prepared. Also the balance sheet is often abbreviated as BS or BS. On the other side the new format is vertical fixed asset plus current assets on top and short liability and long term liability below.
Why Do I Need a Balance Sheet. The first one is account form in which two columns are present which are assigned for liabilities and equities respectively. There is a Company Balance Sheet Format for business purposes and a Personal Balance Sheet Format to find out your personal net worth.
Balance sheet format is categorized in two types. The balance sheet used to sometimes be shown in a horizontal format instead of the vertical format shown above. The asset side to the left and the liability side to the right.
Format of the balance sheet. You can also add more fields and formulas of the excel in this balance sheet format as per needs. New balance sheet format as per revised schedule VI under the companies act xlsx.
Even this sheet can possible to print with any side of paper. This horizontal format basically looked like one giant T-account for the whole business with Assets on one side and Liabilities and Owners Equity on the other. The total of both side should always be equal.
The other type of balance sheet is report form in which only one column is present which is. Using this template you can add and remove line items under each of the buckets according to the business. That is the totals must balance.
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