In this post, I will discuss about What is Balance Sheet. Balance Sheet is called the mirror of business. By looking at any business we can know the status of that business.
What is Balance Sheet
- Like the profit and loss account, the balance sheet is also prepared for the period of the financial year i.e. 1st April to 31st March.
- We can know the status of any business from the Balance Sheet.
- Complete details about the assets and liabilities of the business are available on the balance sheet.
- The balance sheet is created automatically by Tally Prime.
- There are some laser groups, especially in Tally Prime which have a direct impact on the Balance Sheet.
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