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A balance sheet is a statement that maintains a record of liabilities and assets for a company or firm. In a balance sheet, everything that can be used for the benefit of the company and everything that they own is called an asset which is placed on the left side, whereas everything a company or a firm owes to the market is called its liabilities, they are placed on the right side of the balance sheet. The liabilities and assets should always be equal in order to tally your balance sheet. Experts who work in the field of accounting assignment help also believe that tallying a balance sheet is a time-consuming task.