The balance sheet is one of the key to both financial modeling and accounting. The balance sheet displays the Kerala Water Authority’s total assets, and how these assets are financed, through State Government/Central Government Funds as equity or Loan from various financial institutions as debt funds. It can also be referred to as a statement of net worth, or a statement of financial position. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity.
Income and Expenditure Account.
The income and expenditure account is outlined by the non-trading entities to determine surplus or deficit of income over expenditures for a particular Financial Year. The accumulated or accrual concept of accounting is rigidly pursued while outlining income and expenditure a/c of non-trading concerns. It is outlined as a portion of final accounts of non-trading entities and is equal to the profit and loss account outlined by for profit business entities.