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Financial Statements - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements - 14 Marks
Question
Why is Balance Sheet prepared?
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Answer

Balance Sheet is the statement prepared after preparing Trading and Profit and Loss Account. Balance Sheet is “a statement which sets out the assets and liabilities of a firm or an institution as at a certain date.”
In the words of Francis R. Stead. "A Balance Sheet is a screen picture of the financial position of a going business at a certain moment."

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