A Balance sheet is a statement of the financial position of a company in terms of the capital, assets and liabilities of a business entry. At the ‘Gateway of Tally’ select Balance Sheet option. It displays the closing balances of the primary groups Liabilities and Assets.

(Figure 4.6)

The liabilities include the Capital Account, Current Liabilities, Loan Liabilities, Net Profit (if any) and any other primary group that you created as liability. 
Assets include the Fixed Assets, Current Assets, Investments, Loans and Advances, Miscellaneous Expenses and Net Loss (if any).
To see detailed Report Press <Alt> + <F1> you will find following screen :

(Figure 4.7)

You can alter the balance sheet periodically, Column wise etc.