How to memorise Balance Sheet Schedule VI Part 1 1956 at Academic Research Writing Services
Balance sheet is a summary of balances which showed Liabilities side as well as Asset side. I discovered a formulae at my Own level to make it meaningful & memorise the same for Mba’s/CA’s/CMA’s & also Under Graduates commerce level.
On liability Side : S R Sen Under Control OF Police
On Asset Side : Five Indian Cultivators Looking A Melody
Each Alphabet first letter denotes the Heading of Balance sheet of both Assets & Liabilities which is mentioned below :
On Liabilities side :
S–Stands for—-Share Capital–Equity Shares-Authorised,Subscribed,Issued & paid up, Preference shares will come under this Head.
R–Stands for—-Reserves & Surplus—General Reserves,P&L Cr. balance,Share premium,Capital Reserves etc will come under this Head.
Sen—Stands for ——–Secured Loans—-Loans against mortgage of Fixed Assets.
Under— –Stands for ————-Unsecured Loans—–6% debentures
Control—Stands for——Current Liabilities—Sundry Creditors,Bills payable,Outstanding Expenses etc.
of
Police ——Stands for ——Provisions for Taxations,Proposed Divident, Provision of Taxations etc.
On the Assets Side :
Five—-F stands for—-Fixed Assets—Land & Building,Plant & machineries,Car,Patents & copywrights,Furniture & fixtures,Goodwill etc
Indian—I stands for—–Investments- Purchase of Nationals savings certificate, Purchase of IDBI Bonds etc.
Cultivators—C stands for—-Current Assets———-Sundry Debtors,Bills Receivables,Inventory,Cash in hand, Cash at Bank etc
Looking ——L Stands for—Loans & Advances——Stafff Salary Advance, Advance Rent, Loans given to Outsiders etc.
A——stands for—-All Advances
Melody—M Stands for —-Miscellaneous Expenditure——Premilinary Expenditures. Discount on Issue of Shares,Advertising Suspense etc.
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