Balance sheet gives an accounting picture of property owned by a company and of claims against the property on a specific date.
Properties owned is shown in the asset side of balance sheet.
A balance sheet is a summary of an individual's or organization's financial balances, whether it is a sole proprietorship, a business partnership, a corporation, a private limited company, or another organization such as the government or a not-for-profit entity.
A balance sheet provides a snapshot of your company's financial position at any given time. A balance sheet, along with an income statement and a cash flow statement, can assist business owners in evaluating their company's financial standing.
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