What is the difference between P/L A/c and Balance sheet? When an adjustme

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Question

What is the difference between P/L A/c and Balance sheet?
When an adjustment account is prepared?

Question Submitted By :: Naveen Joe

I also faced this Question!!

Rank

Answer Posted By

Re: What is the difference between P/L A/c and Balance sheet? When an adjustment account is prepared?

Answer
# 1

P&L is shown the earning status the block period, while the 
Balance sheet shown the position prescribed day.

Is This Answer Correct ?

5 Yes

1 No

Rajesh Sharma

Re: What is the difference between P/L A/c and Balance sheet? When an adjustment account is prepared?

Answer
# 2

P and  L a/c is prepared to know the exp and income of the 
particular yr.
where as B/s is prepared to know the financial condition or 
position of the company. 
B/s is follow up of p/l a/c.

Is This Answer Correct ?

10 Yes

1 No

Suhasini Modagi

Re: What is the difference between P/L A/c and Balance sheet? When an adjustment account is prepared?

Answer
# 3

P& L A/c Prepard for know particular period that Org Net 
Profit / Net Loss 

Balance Sheet Prepared for Financial Position for the Year

Is This Answer Correct ?

3 Yes

1 No

Venkat

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