Most Hindus believe in heaven and hell. The point to note is that there is no squaring off of bad deeds against the good deeds. The fruits of both come separately. When the person is to be punished for x bad deeds, the person stays in hell for x times. When the person is to be rewarded for y good deeds, the person stays in heave for y times. At the end of these rewards and punishments, the person is sent back in a new life, basically to accumulate + points. Now it is the person's choice to act in a particular way, before the he/she is assessed for another life. The final emancipation is absence of - points. Then as Vinayaka said, the person may stay in presence of God or merge with God, as is his view.
However, in my minimalist views, there is no creation, no rebirth, no death, no judgment, no heaven, no hell, no soul, and no Gods or Goddesses, just the existence of one eternal entity without a second, Brahman. But, it seems my views work only for me among the one billion or so Hindus, extremely exclusive.