What is a balance sheet?
Die balance sheet Does that form fortunes out Equity and debt from a company. groundwork This is what inventory and inventory. Together with the Profit and loss statement Does it form the Financial statements. Companies that exceed a certain turnover limit must publicly present their annual financial statements. The balance sheet of Italian Bilancia “Libra” consists of Passives and Assets, which add up to the same sum and must balance each other out.
Why is it important?
It is important because based on Goodwill Also the amount of Calculate income tax, commercial and corporate income tax become. This must be visible not only to the tax office, but also to shareholders, business partners and banks. It plays a decisive role when it comes to loans, loans or investments.
The difference between the opening balance sheet and the final balance sheet within a fiscal year shows at a glance whether you have made a profit or a loss. For example, documentation for further investments is also important and helpful for the company or the management itself. It therefore serves the documentation, who Profit calculation and the information. It is also used to determine Balance sheet figures.
How do I create them?
For accounting, you need the assets that you have in inventory using inventory put together. It is used in a T account shown with the Assets on the left side, where the Wealth structure stands. Die Passives with the capital structure stand on the right side. 'T' is only iconic for the tabular form.
that fixed assets In the form of land, buildings or machinery, the assets correspond to equity in the form of provisions liabilities. that Current assets On the asset side, includes auxiliary and raw materials as well as products. It corresponds to short and long-term liabilities on the passive side. On the active side, there are also Receivables from deliveries or services and Bank balances add. The sum of the asset side and the sum of the liability side should be the same.
Who is liable for the balance sheet?
From the Accounting obligation exempted are freelancers, which instead a Income surplus account (EU) do. merchants are required by the Commercial Code if their turnover is not lower than 600,000 euros per year and profits are less than 60,000 euros per year. Partnerships must balance sheets, but not publish them. Die Duty to publish However, applies to corporations. When stocks If companies are traded on the stock exchange, they must also prepare balance sheets weekly, monthly, quarterly and half-yearly.
What types of balance sheet are there?
The balance sheet described above is the Final and opening balance. If there is a merger, liquidation or formation, you must a Special balance Set up. Die Individual and consolidated balance sheet concerns corporations that compile their balance sheet from the individual balance sheets of the group subsidiaries. In addition, between the Tax balance, which you make available to the tax office, and the balance of trade for other recipients, such as your customers or suppliers.
