Balance Sheet

Tax Glossary Definition

Balance Sheet

Balance Sheet – A statement of financial position presenting an organization’s assets, liabilities, and owners’ equity at a particular date. It embodies the accounting equation Assets = Liabilities + Equity and provides a snapshot of the business’s financial stability and capital composition.

Example: If a company reports assets worth ₹1 crore and total liabilities of ₹60 lakh, its shareholders’ equity amounts to ₹40 lakh.

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