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The balance sheet is essentially a picture a company’s recourses, debts, and ownership on a given day. This is why the balance sheet is sometimes considered less reliable or less telling of a company’s current financial performance than a profit and loss statement. Using DETAILED BALANCE SHEET AND PROFIT & LOSS Report: Introduction This module helps the user to view Balance Sheet and Profit & Loss Report in Detailed manner. It expands the Reports to two levels within default report. While taking the printing, it prints only those ledgers having closing balance. Installation 1. Balance Sheet Templates. Whether you are a business person or student of business, our business forms will assist you in preparing financial statements, financial ratios, break-even calculations, depreciation, standard cost variances, and much more.The balance sheet is a snapshot at a single point in time of the company's accounts - covering its assets, liabilities and owners' equity. The purpose of the balance sheet is to give users an idea of the company's financial position along with displaying A balance sheet also known as the statement of financial position tells about the assets, liabilities and equity of a business at a specific point of time. It is a snapshot of a business. A balance sheet is an extended form of the accounting equation. An accounting equation is: Assets = Liabilities + Equity