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Though Balance Sheet is supposed to exhibit true and fair exposure of a business or enterprise, but due to certain limitations in following the rigidity in accounting principle and ignoring the socio-economic changes, its very objective is defeated. In this book, the author on account of the rigidity in accounting principle and neglect of socio-economic changes has not only highlighted the limitation but also proposed a new model of Balance Sheet. The book contains ten Chapters dealing with object, area and scope of the study; definition and history of balance sheet; valuation of assets and liabilities, human element in business; money value and real value, dupe concept; conflict between tax rule and accounting principle; impossibility of correct interpretation of balance sheet; non-financial elements and a New Model of Balance sheet. In this book, the author on account of the rigidity in accounting principle and neglect of socio-economic changes has not only highlighted the limitation but also proposed a new model of Balance Sheet. The book contains ten Chapters dealing with object, area and scope of the study; definition and history of balance sheet; valuation of assets and liabilities, human element in business; money value and real value, dupe concept; conflict between tax rule and accounting principle; impossibility of correct interpretation of balance sheet; non-financial elements and a New Model of Balance sheet.
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