What is Balance Sheet?

Company's financial position at any point of time.
Shows the balances of all the accounts at one place.
Shows Assets, Liabilities and Shareholder's Equity
Summarizes the resources and the claims of owners and creditors

Structure:
Account Form
Indian : Liabilities & Shareholder's Equity - Left Column; Assets - Right Column
American : Assets - Left Column; Liabilities & Shareholder's Equity - Right Column
Report Form
Indian : Liabilities & Shareholder's Equity followed by Assets
American : Assets followed by Liabilities & Shareholder's Equity

Order:
American; In descending order of liquidity
On Left Side:Cash comes first; fixed assets last.
On Right Side:Accounts payable first; Shareholder's Equity Last.

Items in Balance Sheet (B/S)
Assets
Cash & Cash Equivalents
Accounts Receivable/Debtors
Inventories
Property/plant/equipment
-Accumulated Depreciation
Intangible Assets like patents, rights etc.
Liability & Equity
Accounts payable (spontaneous liability)
Accrued Expenses (spontaneous liability)
Deferred taxes
Long-term debt
Stockholder's equity (prference and common)
Retained earnings
-Treasury stock(common shares in reserve)