REMEDIAL CLASS 8 : FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP PART - I (DAY 10)
27th May, 2020 HELLO BOYS!! CONTINUING WITH THE SAME METHODOLOGY, WE WILL HAVE ILLUSTRATIVE AND INTERACTIVE CLASS WITH LOTS OF SHORT VIDEOS & IMAGES. THIS WILL HELP YOU TO HAVE A GOOD GRAB OF THE SUBJECT TOPIC. Financial Statements of a Sole Proprietor- Meaning, Requirement, Purpose and Importance: The financial statements comprise mainly the following two statements- 1. Income Statements or Trading and Profit and Loss Account 2. Balance Sheet LINK : CONCEPT OF FINANCIAL STATEMENTS Nature of Financial Statements Purpose or Importance and Limitations of Financial Statements Users of Financial Statements LINK : USERS OF FINANCIAL STATEMENTS The various users of financial statements are explained diagrammatically below- Capital and Revenue Items and need for their Classification WATCH THE VIDEO BELOW TO KNOW THE TYPES OF EXPENDITURE AND REVENUE LINK : TYPES OF EXPENDITURE AND REVENUE ...