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Introduction to Partnership and Partnership Final Accounts — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyIntroduction to Partnership and Partnership Final Accounts2 Marks
Question
Balance Sheet is an Account.
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Answer

This statement is False.
A financial statement showing all assets and liabilities is called a Balance sheet. It is not an account. It is a position statement that shows various assets owned by the firm and various liabilities owned by it. On the left-hand side, all liabilities are listed and on the right-hand side, all assets are recorded.

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