A balance sheet is an extended form of the accounting equation. An accounting equation is: Assets = Liabilities + Equity. Assets are the resources controlled by a business, equity is the obligation of the company to its owners and liabilities are the obligations of parties other than owners. Farm Business Plan Worksheet Balance Sheet for agricultural businesses operating on a seasonable basis. If you’re anyone else, the Free Business Balance Sheet Template (Excel format) and the Blank Business Balance Sheet Template (Word doc/docx) are easy ways to get started. Free Business Balance Sheet Template May 27, 2019 · More about balance sheet template. Balance sheet basically is a detailed list of assets, liabilities and the total value of the shareholders’ equity usually at the end of an accounting year. It shows that how well a business establishment or company is going to chase financial goals. The free printable balance sheet was created for MS Excel and includes basic accounts for creating a balance sheet for a small business.The spreadsheet provides cells for the user to enter the totals for specific items then subtotals asset and liability fields. A balance sheet summarizes an organization or individual's assets, equity and liabilities at a specific point in time. Two forms of balance sheet exist. They are the report form and account form. Individuals and small businesses tend to have simple balance sheets.