In double entry book keeping method..Every debit entry must have an equal credit entry. so obiously debit side and credit side of the balance sheet will tally.
Balance sheet tallies all of the assets, liabilities and capital accounts of a financial entity - could be a business enterprise or your own personal financial status. The balance sheet is formally known as the statement of financial position. It is a snapshot of the financial position of an economic entity on any given day. On a balance sheet the total of all assets are equal to the sum of all liabilities and capital. The accounting equation is
Assets = Liabilities + Capital.
It is a restatement of the algebraic equation
Assets - Liabilities equals Capital
And in accounts, Every debit will have corresponding credit (Double entry system)
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In double entry book keeping method..Every debit entry must have an equal credit entry. so obiously debit side and credit side of the balance sheet will tally.
Balance sheet has got 2 sides
Liabilities & Asset side
Balance sheet tallies all of the assets, liabilities and capital accounts of a financial entity - could be a business enterprise or your own personal financial status. The balance sheet is formally known as the statement of financial position. It is a snapshot of the financial position of an economic entity on any given day. On a balance sheet the total of all assets are equal to the sum of all liabilities and capital. The accounting equation is
Assets = Liabilities + Capital.
It is a restatement of the algebraic equation
Assets - Liabilities equals Capital
And in accounts, Every debit will have corresponding credit (Double entry system)
So Balance sheet always Tally !!!
rMs .. !!
In double entry system each Debit entry must have one corresponding Credit entry, so all your assets is equivalent to your equity/capital + liability.
Follow all accounting rules and do accurate reconciliations; it should tally.
If u have passed correct entries in ur books of account through out the yr, it will TALLY..