Balance Sheet
A balance sheet which is also known as statement of financial position is a summary of the financial balances of an individual or organization.
PURPOSE OF BALANCE SHEET
The*purpose*of the*balance sheet*is to show the financial status of a business as of a specific*point*in time. The statement shows what an organization owns (assets) and how much liabilities as well as the amount invested in the business. It helps an organization to know when,where ,how money has been spent.Balance sheet comprises of stockholders owners.Balance sheet could be of different types like :
*cash flow statement
* statement of changes .And so on.