Balance sheet for Grocery
Balance sheet for Grocery, The balance sheet draft does not capture the earnings from Grocery & Merchandise Stores.
It presents a static view of a company’s assets, liabilities, and equity at a specific moment. Revenues are not assets, liabilities, or equity, so they do not appear on the balance sheet.
Revenues are reflected on the income statement, which is a summary of a company’s financial performance over a period of time.
The income statement shows how much money a company has earned (revenue) and how much money it has spent (expenses) during that period.
The difference between revenue and expenses is calle net income, which is the profit or loss that the company has made.
The balance sheet draft is a preliminary version of the balance sheet that is prepare before the financial statements are finalize.
The draft balance sheet will include all of the assets, liabilities, and equity that will appear on the final balance sheet, but it may not include all of the revenues and expenses that will appear on the final income statement.
This is because the final income statement is not prepare until after the balance sheet is finalize.
To visit: https://www.incometax.gov.in
