What is Profit and Loss Account? What is Balance Sheet?
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Answer Posted / kiran kumar .r 9700473904
Profit and Loss A/c
it is not a statement its a account which shows the
performance(profit or loss) of the business in the given
period of time i.e for one year.
Balance Sheet
it is a statement which shows position of assets and
liabilities on a given date. i.e normally at the ending day
of year.
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