Balance sheet is also called as the statement of financial position, because it presents the financial position of an entity at the end of each accounting period.
Three elements of balance sheet are assets, liabilities and equity.
Assets represent economic resources available to an entity.
Claims to the assets by creditors are liabilities and the claims to the assets by owners are equity. Because the amount of resources and claims should be same at any time, total assets is equal to total liabilities and equity in the balance sheet.