ocr: Basic Pro Forma Definition - the Balance Sheet is the financial statement which depicts the tinancial position ota business on a specitic date. It may be useful to: imagine the statement as a solitary snapshot which summarises the business's financial health at a particular moment in time. Itis, in fact, simply the accounting equation set out in a vertical format in order that it can be more easily understood. The Accounting Equation = The Balance Sheet E ASSETS XXX less: LIABILITIES XXX XXX Represented By: CAPTIAL XXX PROFITS XXX XXX less: DKAWINGS XXX € - XXX
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