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Is balance sheet the part of accounting's double entry system?

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تم إضافة السؤال من قبل Adnan Mustafa , Credit Controller , National Refreshment Company LLC
تاريخ النشر: 2013/06/23
Zeeshan Ali Soofi
من قبل Zeeshan Ali Soofi , Accountant , Al Mona Auto Repair Workshop LLC

No, not at all.
Balance sheet is not the part of accounting double entry system rather than it is a report or statement that shows the details of total assets, liabilities and capital of an entity at particular date.

Shabbir Bandukwala
من قبل Shabbir Bandukwala , Financial Controller , Strong Plant for Dewatering & Drainage Services LLC

The double entry accounting system mainly ensures that each transaction affects two ledgers.
These two ledgers could be Income/Expense accounts or Balance Sheet accounts.
There is no rule that each entry must affect both P&L and Balance Sheet.
Thus, to answer your question, Yes Balance Sheet (accounts) are also a part of the double entry system, however it is not mandatory to have a balance sheet account in each and every double entry transaction.
Hope to have helped clarify your doubts with my answer.

Mohammad Iqbal Abubaker
من قبل Mohammad Iqbal Abubaker , Jahaca Pty Ltd - Accounts Administrator , Jahaca Pty Ltd - Accounts Administrator

Is balance sheet the part of accounting's double entry system?

 

Actually balance sheet is depending on accounting's double entry system, therefore it is a part of accounting's double entry system.

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