All facts of the economic life of any organization are reflected in the balance sheet. At the end of the reporting period, the turnovers are calculated for each account and the balance at the end of the period. In order for the balance to come together, it is necessary to reconcile the records of analytical and synthetic accounting. The calculation results affect the value of the balances of commodity and material assets, profits and work in progress. The reliability of the balance is also influenced by the correctness of the formation of reserves, which appear at the expense of production costs and affect the amount of profit.
Instructions
Step 1
The balance sheet is classified according to the purposes of compilation into several types. The initial balance sheet is compiled at the time of the establishment of the enterprise. It determines the amount of values with which it begins its activities. At the beginning of economic activity, the capital of the enterprise changes daily. All influences are due to the implementation of business transactions. After each transaction, it is impossible to draw up a balance for each line, so it should be compiled on a specific date: either once a month or once a quarter.
Step 2
All the variety of operations can be grouped into four groups. The first is a group of transactions, which causes a change only in the asset of the opening balance, that is, one item increases, the other decreases by the same amount. This is a process of changing the composition of economic assets, while the balance sheet as a whole does not change.
Step 3
The second group is a group of operations that causes changes only in the liability, that is, one of its items increases, the other decreases by the same amount. This is the process of modifying the sources of economic assets, the currency also does not change.
Step 4
The third group - operations that change both the asset and the liability at the same time by the same amount. The item of property in the asset and in the corresponding item of the liability is increasing. The currency is undergoing upward changes.
Step 5
And the last group is a group of operations that cause changes in assets and liabilities at the same time downward, that is, one asset item and one liability item decrease. The balance sheet currency is reduced by the amount of the business transaction.
Step 6
The initial balance sheet is also compiled for enterprises that were formed on the basis of the succession of previously operating economic entities. If the enterprise was created on the basis of an existing economic entity, then the initial balance corresponds to the final liquidation balance sheet of the enterprise, the legal successor of which is the newly created entity. In this case, it is necessary to clarify the assessment of some individual items of the liquidation balance sheet.
Step 7
If the initial balance is compiled for an enterprise purchased at an auction, you must enter the positive or negative price of the organization into the balance.
