Maharashtra State BoardHSC Commerce 12th Board Exam
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Answer in One Sentence Only. What is Balance Sheet? - Book Keeping and Accountancy

One Line Answer

Answer in one sentence only. 
What is the Balance Sheet?

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Solution 1

A Balance Sheet is a statement that contains all the assets and liabilities of the business enterprise. It helps in knowing the exact financial position of the business. Liabilities are shown on the left-hand side of the Balance Sheet whereas Assets are shown on the right-hand side.

Solution 2

A balance sheet is a statement showing financial position of the firm at a date.

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