List and describe the benefits and application of the methods for presenting and formatting financial data.

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Accounting

List and describe the benefits and application of the methodsfor presenting and formatting financial data.

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Following are the list and application of the methods for presenting and formatting financial data 1In case of sole proprietary and partnership concerns as such there are no prescribed formats In this case the conventional method of presentation is T format or horizontal format 2 In case of companies the Companies Act 1956 has given prescribed forms for the presenatation of Profit and Loss Account and Balance Sheet in Part I Schedule VI which is in horizontal format only But in recent times they are presented in vertical form ie in a single column form The modern practice is to draw up financial statements in vertical summary form and to give details as required by law in separate schedules Each schedule is being See Answer

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