Is there any easy way to beat Balrog or even a cheat to help me beat him.?

First of all, use Bolt of the Valar A LOT!
Big help, further you would have Berethor use his Leadership skills, have Idrial heal with Gift of Elrond, Hadhod should get a least 1 Cleaving Wound in on the Balrog, and Elegost should use Piercing Might and his other stat-lowering skills.

Things that you need:

NO items
Berethor knowing: company might, company resistance
Idrial knowing: aura of the valar, gift of galadriel, power of the valar(this is easy when you have used her spirits powers from the beginning)
Hadhod knowing: endure flame, (mountainshield but not nessecary)

At the beginning: Let Berethor use all his usefull leaderships (COMPANY RESISTANCE)
Let Idrial use aura of the valar on every one
Let Hadhod use endure flame and mountainshield (not nessecary)
Let Gandalf use something

After that: ATTACK TE BALROG WITH EVERYTHING YOU HAVE
Don�t heal anyone because they will be revived automaticly with aura of the valar
When the balrog attacks with roaring inferno or pillar of wrath you will lose many AP and HP
So it is most likely that you will be out of AP so use wizards drain with Gandalf. If everyone haves enough AP let Gandalf use Bolt of the valar. When there is someone dead and revived by aura of valar use a new aura of the valar. Then you have Berethor and Hadhod left... Just let them do some attacks and use the leaderships again when someone is dead(and then revived). That�s my strategy silence the balrog