balance sheet is the fainancial statement showing the financial position of an enterprise by summarizing its assets . liabilities and owner equity at apoint in time . also called the statment of fainancial position .
A balance sheet is nothing but a statement of financial position of an organization. It is a summery of organizations balances of Assets Liabilities and ownership equity to a specific period usually for quarter half year or Year. Mostly it is for the financial year. Balance sheet shows the financial condition of the Organization. Balance sheet reflects the financial equation Assets Liabilities + stock holder equity or owners equity and are usually prepared with assets on one side and liabilities and net worth (Revenues - Expenditure) on the other side with the two side balancing .
