The Balance Sheet provides the details of assets owned and liabilities owed by a business. It is also an important document to assess the long term financial position and the net worth of a business. A balance sheet will have two sides which represents Assets and Liabilities.
The total of assets should always be equal or greater than the liabilities so that the business will be capable of repaying all its liabilities with its assets.
Books
One solution for your accounting and GST filing needs