Meaning of Balance sheet in Tally
What are Balance Sheet in Tally? The report showing the assets and liability of the company on a given date is called balance sheet, in simple words, the balance sheet shows the actual position of a company or a person, how much are the assets in the company, how many are its debtors, How much are the Assets of the company, how much cash does the company have, how much money is deposited in the bank, how much is the Liability of the company, all these things are known about it in the balance sheet of any company or person that its real position what are,
If said in simple words, balance sheet is such a balance sheet, in which the status of any company is known.
How to Check Balance Sheet in Tally
Friends, if you want to know about the balance sheet, then you should first come to see the balance sheet properly.
There are two sites in the balance sheet, on one side there is all the assets and on the other side there is liability, and always the balance on both sides is equal. For this, you should first know about Liability and Assets, what are these, let’s understand
In Liability you have all the debts of the company, All The Loans, all the taxes which you have to pay, any Deposit, Sundry creditors (from whom you have borrowed any of your raw materials), unsecured loans (who have taken loan from any of your person, all these Come, if you say, then the amount of debt on the company is clearly visible to you in the liability.
Talking about assets, it includes all types of assets like fixed assets ( Car, Buildings Bikes, Computers, Furniture )
Intangible Assets etc. All investments from which plots, gold, animals, fixed deposits, shares come
Current Assets :- Deposite assets, loans and advance, sundry debtors, cash in hand, bank account,
So these two columns are such that contain all the liabilities and all the assets.
How to Create Balance Sheet
If you are wondering how the balance sheet is made, then it gets created automatically, as you go on making any entry in tally, then its effect will also fall on the balance sheet, if you have purchased any assets then that The assets are added to the assets of the balance sheet and the value of the assets increases, and your liability also increases because if you have purchased your assets, then it has to be paid, and to pay is your liability.
If we talk about preparing the balance sheet, then it is necessary to prepare all these companies and all the traders, this shows the real condition of a company or firm, how much assets are there in the company, how much is the liability of the company, if any company has If the liability is more than its assets, then the company is going in losses, and if the liability of a company or firm is less and the assets are more, then the position of the company is very good.
All the information in the balance sheet is all and complete that what are the assets of the company, how much are the debtors, how much is the cash in the bank, how much is the liability of the company, how much loan has been taken from the bank, how much tax has to be paid to the company, all these information Today, every trader or small company prepares a balance sheet, so that it comes to know about the correct position.
Formula Used for a Balance Sheet
The formula of the balance sheet is that the balance of assets and liability is always equal, like if a company has taken a loan of 1000,000/- from the bank, then its liability will increase by 1000,000/- and the balance of assets will increase by 1000,000/- then this formula will always work like this.
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