Balance Sheet of a Company: Balance sheet is a financial statement that summarizes company’s equity (shareholders’ funds), liabilities and assets at a specific point of time. These three balance sheet segments, i.e., equity (shareholders’ funds), liabilities and assets show what the company owns and what is owes. Balance sheet of a company is prepared following the same principles as are followed in preparation of balance sheet of a sole proprietorship or partnership firm. However, it differs from them in presentation. Balance sheet of a company is prepared in the prescribed format i.e., Schedule III, Part I of Companies Act, 2013.
Part-I
Format of Balance Sheet
Name of the Company
Balance Sheet as at...
