What is Balance Sheet?

Balance Sheet; the word itself comprises of two words “balance” and “sheet”, where the word “balance” can be defined as the situation in which different elements are equally proportioned, and on the same hand we have the word “sheet” which implies that whatever the balanced stuff one have is listed on a sheet.
Practically, balance sheet is that part of financial statement which involves detailing of the total of assets and liabilities of a business or any other organization, at a particular period of time. The important thing to note down here is that the total of assets side is equal to the total of liabilities.