Balance sheet is a financial statement which is meant to show what are the assets and liabilities of the business for a stated period of time. Assets and liabilities are then categorized in different sections like current assets, fixed assets, floating assets, current liabilities or short term liabilities, long term liabilities, shareholder’s equity etc. The balance sheet as its name shows is the statement which has equal totals of both assets and liabilities of the business according to this formula:
Assets = Liabilities + Shareholder’s Equity
Proper format is used for drafting a balance sheet with business name, balance sheet and time period written on the top of the page. A balance sheet is a financial statement which prepared by the business as a record for showing the exact value of assets and liabilities of the business. Usually, the balance sheet maybe prepared by the finical department of business to categorize the different sections of business which actually related to the amounts of assets. However, this finical report will be prepared for a specific period of time. Apart of this, if you want to prepare a balance sheet template then you should have to know about financial strength of company and also the accounting system, which company is following.
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