Though Balance Sheet is supposed to exhibit true and fair exposure of a business or enterprise, but due to certain limitations in following the rigidity in accounting principle and ignoring the socio-economic changes, its very objective is defeated. In this book, the author has not only highlighted the limitation but also proposed a new model of Balance Sheet in consideration of the impact of non-financial elements and price level changes in accounting. The book contains ten Chapters. Chapter 1 deals with the object, area and scope of the study. Chapter 2 speaks of the definition and history of balance sheet. Valuation of assets and liabilities is dealt with in chapter 3. Human element being an important ingredient in running as well as earning of a business is incorporated in accounting in Chapter 4. Money value and real value concept is dealt with in Chapter 5. The dupe concept of `true and fair' is presented in Chapter 6. The conflict between tax rule and accounting principle and their impact on balance sheet is explained in Chapter 7. Impossibility of correct interpretation of balance sheet for its inherent limitation is discussed in Chapter 8. Non-financial elements which play vital role in business are dealt with in Chapter 9. In Chapter 10, efforts are made to design a New Model of Balance Sheet by wiping out the shadow of limitation to a great extent.