What is a Balance Sheet

Class XII Accountancy - Cash Flow Statement – Part II
What is a balance sheet ?
The financial situation of the company is displayed on the balance sheet, which is a statement. At the conclusion of the accounting period, following the creation of the trade and profit and loss accounts, it records the assets and liabilities of the company.
Balance sheet characteristics:
The following are a balance sheet's characteristics:
It is regarded as the final step in the production of final accounts.
It is not an account but a statement.
It comprises of transactions that are noted on both the asset and liability sides. Liabilities are positioned on the right, and assets are positioned to the left.
The sum of the two sides must always be equal.
The balance sheet details the company's financial situation.