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Question
Balance Sheet is called Balance Sheet because it is a sheet of those ledger accounts which have not been closed by transferring to Trading Account and Profit and Loss Account.
Options
True
False
MCQ
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Solution
True
Explanation:
The Balance Sheet lists assets, liabilities, and capital, with ledger accounts whose balances remain after closing entries (i.e., are not transferred to Trading or Profit & Loss accounts). Income and expense accounts are closed; remaining real and personal balances appear in the Balance Sheet.
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