Balance Sheet

Balance sheet
1. Balance sheet indicates the following items on a particular date:
(a) the financial position of the business
(b) the position of assets, liabilities, and capital invested by the business owner (owner equity)
2. The Balance Sheet has the following:
(a) the name of the business
(b) the title of the statement
(c) the date of the return
3. Both Balance Sheets are balanced as the total assets are equal to the total liabilities of owners equity.

Assets = Liability + Owner Equity

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