Ainsworth Accountants: Accounts, Tax and Business Advisors.

What is a Balance Sheet ?

Balance Sheet

The Balance Sheet is a list of balances on a specific date, usually month end or year end. It is a snapshot of the assets and liabilities of the business, and the owners value in the business, called “equity”.

So what is a balance?

A balance is a value on a particular day, after a series of in and out transactions, for example:

• money in the bank
• the value of the stock (inventory)
• money owed to a business from customers
• money the business owes to suppliers
• the value of any high cost items like property, vehicles and machinery
• the amount of a loan left to pay

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