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Balance Sheet Preparation & P&L

Let the dedicated team of Legal251 handle all your Balance Sheet Preparation & P&L records and statements so that you don’t have to worry about the cash flow and can focus on your goals.












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Maintaining Balance Sheet and Profit & Loss records and statements is vital for a business as it summarizes the business' trading transactions - income, sales, and expenditure, and the resulting profit/loss for a given period. Let us help you keep it managed.
A Balance Sheet gives a quick review of your business assets and liabilities along with tracking owner and shareholder investments (equity). Your Balance Sheet compliments your P&L (Profit & Loss) and Cash Flow statements that tell the whole story of your investment. The Profit & Loss statements or income statement shows your sales and expenses. Similarly, the cash flow statements relate everything about how and where your money is moving into or out of your business.
One should review their Balance Sheet and P&L statements monthly to check if everything is going in the same direction as planned or if there is any need for a change in strategy. However, due to so many responsibilities and a lack of knowledge and resources, most business owners often forget about it. But don't worry. We will help you with your Balance Sheet Preparation & P&L tasks.







  How to apply 










  Benefits 






Determine Risk & Return

Increased Productivity

Boost Efficiency

Streamlined Process

Managed Liquidity

Controlled Solvency


Secures Finances

Control Over Expenses

Tax Analyzation

Tracks Business Performance

Complete Information





  Registration Process 






Our CAs will review all the documents you submit to lessen the chances of incorrect or misleading information and smooth the process.

Our best CA professionals are here to help you with document requirements and licensing necessities.

The respective professional will move further with your documents to prepare your Balance Sheet Preparation & P&L.

Our CAs will prepare your Balance Sheet & P&L after checking all the related details, assets, and liabilities, according to the reporting date of your company.

It's recommended to wait until one of our experts contacts you to let you know your Balance Sheet Preparation & P&L has been prepared.





  FAQs 






FREQUENTLY ASKED QUESTIONS




1. What are the attributes of a Balance Sheet?

The attributes of a balance sheet are Current Assets, Long Term Assets, Current Liabilities, Long Term Liabilities, Shareholders Equity, Account Balance, and Amortization or Depreciation Expenses.

Q2. What are the reasons a Balance Sheet behind not truly balanced?

If you find your Balance Sheet is not truly balanced, there might be some ambiguity due to these reasons:
  • Errors in currency exchange rates
  • Errors in inventory
  • Incomplete or misplaced data
  • Incorrectly entered transactions
  • Miscalculated equity calculations
  • Miscalculated loan amortization or depreciation

    • Q3. What comes under current assets?

    Inventory, Cash or Cash Equivalents, Accounts Receivable, Short-term Marketable Securities, and other comes under current assets.

    Q4. What are the Non-Current Assets?

    Long-term marketable securities, Property, Goodwill, Intangible assets, and others are non-current assets.

    Q5. Where are salaries and wages entered?

    The Salaries of people with administrative roles are included as fixed expenses because they are not directly related to revenue. However, it becomes tricky for people in manufacturing roles, as the labor is associated with making a product which is included in the cost of goods sold section once the product is sold.

    Q6. What is the difference between a Balance Sheet and a P&L statement?

    The Balance Sheet shows the assets, liabilities, and shareholder equity at a given time. In contrast, a P&L statement summarizes a company's revenues, expenses, and costs during a particular period.

    Q7. What is the difference between Profit & Loss vs Income Statement?

    No, there's no difference between these two terms. An Income Statement is the same as a Profit & Loss Statement with two terms and vice versa. A Profit & Loss Statement shows a company's total income, revenue generated, and business cost to find the subsequent profit for a specific period.

    Q8. What is a Year-to-Date Profit & Loss statement?

    The year-to-date or profit & loss statement is a company's financial statement referring to the amount of profit an investment made from the current year's first day.

    Q9. What is the order of creating a balance sheet and P&L account?

    Before preparing the balance sheet, one must create the P&L account first.

    Q10. What are the primary components of a profit & loss statement for small businesses?

    The critical components of a profit & loss statement for small businesses are - Costs of Goods Sold, Revenue, Gross Profit, Expenses, and Net Profit or Loss.


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