A balance sheet comprises of assets and liabilities of a trader when filing ITR3. The principal rule being assets should equal liabilities. On Quicko, the rule will be self-applied when you fill your assets, it will match with the proprietor's capital in liabilities.
You can add them by going to incomes> navigating to business and profession> scrolling down and seeing assets and liabilities. This article and video can be referred to for adding assets and liabilities on Quicko.
- Bank balance as of the end of FY: A bank balance is the amount of funds in your bank account at a specified date. It can be a current account or a savings account.
If you have a positive deposit account balance, but an overdraft on your current account, they should not be combined. The deposit account should appear in current assets and the overdraft in current liabilities.
- Cash balance as of the end of FY: Cash in-hand balance
- Balance with broker for the FY: Balance held with a broker during the financial year.
- Other current assets: These are assets that do not include cash, investments, receivables, and inventory and can be converted into cash in less than 1 year. For example- Prepaid expenses and marketable securities.
- Debtors: Current assets are assets that are expected to be converted to cash within 1 year.
Debtors are essentially people who owe you money and the period of credit is within one year.
- Stock/Inventory: Stock is further split down into raw materials, work in progress, and finished goods. Stock is primarily held with an intention for resale.
- Proprietor's capital: Proprietor capital is the amount that you bring into the business activity. Proprietors capital is also known as Owner's capital.
Example: The amount that you started trading with will be reflected under proprietor's capital. Now every additional cash that you bring into the business activity will be added under proprietor's capital.
- Loans received: Loan received includes the amount of money you have borrowed from different sources such as lenders, financial institutions, and banks in order to support your business goals.
- Provision for expenses: Provision for expense refers to the amount set aside from the company's profit for specific future expenses or liabilities.
For example- Bad Debt Provision - Amount set aside to cover the debts encountered during an accounting period that is not expected to be paid.
- Creditors: Creditors are people to who you owe money to. Creditors can be classified as either Personal or Real. Personal Creditors are people who loan money to friends or family. Real Creditors are banks or financial institutions.
- Other Current Liabilities: Other current liabilities are the ones that don't fall into any of the categories. Few examples of other current liabilities are bank overdrafts, interest payable, bills payable etc.