Question

“Balance Sheet is a statement of assets and liabilities or sources and uses of capital or both.” Explain this statement.

Answer 1

you can understand from it..

Answer 2

                         A balance sheet is a financial report that shows the value of a company's assets, liabilities and owner's equity on a specific date usually at the end of the accounting period such as a quarter or a year.

In the liability side, it shows the liabilities from different sources of the fund such as equity fund long term debt or current liabilities. Whereas in the assets side it shows its utilization of fund by way of a fixed asset, stock investment etc.