FINAL ACCOUNTS OF SOLE PROPRIETORSHIP — Commercial Studies STD 10 — Question

Features of Balance Sheet:
(i) Balance Sheet is always prepared on a particular date.
(ii) It is prepared only after the preparation of profit and loss account.
(iii) It contains personal and real account of the trial balance.
(iv) It is not an account but only a statement of assets and liabilities.
(v) It shows the financial position of a business as a going concern.