b) What are the objectives of financial statements? Prepare the balance sheet from the following information for year ended 30th December 2015. Land & Building Plant & Machinery Outstanding expenses Advance Income Debtors Cash in hand Prepaid Insurance Inventories Write short notes on: (Any two) 50,000 30,000 500 500 10,000 5,000 1,000 25,000 Goodwill Creditors Loan Investment Reserve Patent Furniture Capital 10,000 20,000 15,000 20,000 6,000 5,000 4,000 1,18,000

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Basic Accounting Terms

Accounting terms are accounting terminology, accounting jargon, accounting acronyms, and accounting vocabulary that are commonly used to understand accounting fundamentals. It would be difficult for anyone to read, understand, and interpret the company's financial statements if they did not understand and know the meaning of the basic accounting terms.