Balance sheet is the statement for recognizing the current positions of available assets and liabilities of any company. When preparing for the future plans, one company can seriously consider the result out of the balance sheet.
There are some specific characteristics of this statement:
Importance of preparing balance sheet: There are legal reasons behind preparing a balance sheet. This will not just mention the assets and liabilities of the company but also the current financial position of the business. It is a compulsory part of any firm calculating after an end of calendar or assessment year.
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