Accounting is a subject which is a nightmare for a lot of students as many of them find it difficult; the big question arises here is WHY? Why do they find it difficult? One of the major factors that affect a student's accounting assignment is their inability to match their balance sheet. In fact, it is the most searched query of all the students who are solving the financial accounts questions. They seek accounting assignment help experts to get their query resolved. After preparing the trading, profit, and loss account, students get stuck in matching the debit and credit side of the balance sheet. Are you also facing the same issue? Well, you need not worry about it at all. This article includes the major key points that you should remember while writing your accounting assignment. So, have a look at these points and make your assignment grade-worthy by matching both sides of the balance sheet easily.
1. Carry Forward the Correct Gross ProfitLoss
While preparing the balance sheet, first, you need to check that did you carry forward the correct gross profitloss. It is one of the biggest mistakes that students make while making a financial account. It seems too basic, but it has been observed that sometimes, students fail to mention the amount correctly. 9 out of 10 students make these mistakes because this is time-consuming, and students are majorly in a hurry while doing this question.
2. Ensure the Net ProfitLoss Accurately
Once you carry forward the correct gross profitloss, check to ensure that the digits of net profitloss are accurate or not. It is often seen that the students fail to mention the entry correctly. Moreover, you need to check the amount and also see that it is the profit or loss. It is not a joke, as many of the students carry forward the loss on the assets side. It is a silly mistake but can lead to major consequences further.
3. Cross-Check the Assets Side
Usually, to list all the items on the credit side is easier than on the opposite side. Assets side contains all your concrete items such as cash, inventory, property, as well as marketable securities, prepaid expense, along with all the intangible assets such as patents, trademarks. So, make sure that you have mentioned all the items on the credit side correctly.
4. Go Through the Liabilities Side Again
Now, it is quite confusing as you need to check all the items that can have a chance to come on the debit side. You must ensure that you have listed the liabilities side accurately. Go through the loans, accounts payable, long term debts, etc. Do check the amount along with each entry to avoid silly mistakes.
These are the 4 major points that you should ensure correctly without even a single mistake in your balance sheet. Once you check these points effectively, it is easier to match both sides easily. If in case you find any issue, you can quickly seek accounting assignment help from the assignment writers.
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