Explanation on Certain Items In Balance Sheet

What is a BS and how it differs from Trial Balance as well as from P & L A/c have been discussed earlier in Section and in the tables there-under, However, even on the cost of slight repetition, the definitions of Balance Sheet go as follows : 

• Freeman : An itemized list of the assets, liabilities and proprietorship of a business or an individual at a certain date. 
• American Institute of Certified Public Accountants (AICPA) : A list of balances in the assets and liabilities accounts - of a specific business at a specific point of time.
• Palmer : Statement at a given date showing, on one side, the firm's (trader's) property and, on the other side, possessions and liabilities. (Note the distinction between "property"  and "possessions".)