A balance sheet is basically a statement of your financial position at a given time. It reports your assets (stock, machinery, cash, money owed to you) and liabilities (loans, money you owe) and net assets or equity of your business at a given point in time. In a lay man's way, a balance sheet shows you where a company's money came from, where it went, and where it is now. Please click this link to read more https://www.sunrisejob1.com/2019/07/how-to-do-balance-sheet-for-business.html?m=1

I have written a detailed post about the balance sheet that can be extremely useful for beginners. You can find the templates and examples of the various types of balance sheets and also see how to make your own balance sheet.