Balancesheet means it shows the actual financial position 
of the company.basically bal'sheet have to sides One is 
Liabalities And Other is Assets.

Their r 2 types of bal'sheet- one is Horizontal and Other 
one is Vertical.

Horizontal one is Like u usually seen on news paper as i 
mention above i.e Liabalities and Assets.

In Vertical bal'shet thier r two columes-Funds Employeed 
And Funds Employeed as Under.this type formate is very easy 
to understand. basically it get prepaid only for lay man 
person those dont kw abt bal'sheets.

In Horizontal bal'sheet Liab side represent Amt of money 
payable And Assets side represent Amt of money they have in 
the for of Long Term Assets.


Profit And Loss A/c created for the purpose of finding Out 
the Net Profit or Net Loss.during a peroid.p&l A/c shown in 
the format of Dr and Cr sides.
Dr side represents Loss or Expenses
Cr.side represent income or gain
Accordingly Items Get places to get tha actual situatin of 
the company.