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P2 C5 Financial Statements of Business Organisations — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C5 Financial Statements of Business Organisations3 Marks
Question
Explain the objectives of Balance Sheet
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Answer

The objectives of Balance Sheets are as follows:
$(1)$ The objectives of preparing Balance Sheet is to show the financial position of thebusiness.
$(2)$ The firm has to prepare Balance Sheet. Balance Sheet of a company is to be prepared in the given form as per the provisions of the Companies Act, $2013.$
$(3)$ Balance Sheet can be prepared on a fixed date.
$(4)$ Balance Sheet is generally prepared at the end of the accounting year. It is a part of annual accounts.

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