Liabilities of the Company Liabilities are shown in the left side of the Balance Sheet. If Balance Sheet is prepared vertically, liabilities are shown under assets. The Companies
Details of Contingent Liability to be shown in Balance Sheet As per Schedule VI the following liabilities should be shown as footnotes in balance sheet 1. Claims Against
Items of Revenues and Gains to be disclosed in balance sheet The following are the items of incomes and gains, which should be shown separately: 1. Turnover: Under
Items of Expenses and Losses to be disclosed in Balance Sheet The expenses should be shown under suitable heads to the extent possible. Any expense, which exceeds 1%
Liabilities of an auditor for negligence If a person suffers a loss or damage due to professional negligence of the auditor, an action can be initiated by such
Verification of General Ledger The cash book, purchase book, sales book, sales return book, Purchase returns book are to be totaled periodically and the summary is posted in
Receipts to be verified during Hospitals audit The following are the various receipts a hospital may receive: 1. Grants from Government 2. Aids and grants from outside India
Sales Promotion – Meaning The most important tool used in promotion is sales promotion. Most consumers relate ideas of marketing to the use of sales promotion techniques. The
What is Deficit finance? Deficit financing is a method of meeting Government deficits. In India, Government deficit was filled up through the creation of new money. But now