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What is Profit and Loss Account? What is Balance Sheet?
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Answer / 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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Answer / lxmi1972
Profit and Loss Account is nothing but the financial
statement for the current period which are under
preparation.
Balance Sheet is also the financial statement which whill
show the Assets and Liabilities of a Company as at a
particular date.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sankeerthana
Profit and Loss account will be prepared to know the nett
result of a business organisatiion for a given period
Like wise balance sheet will be prepared to know the
Financial Postion of a Busines Organisation for a given
period
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my favourite website http://therealaccountants.com
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Answer / srinivas
Every Business COncern wants to know the position of the
company either he gets profit or loss.
In order to know that he want to prepare P& L A/c & B/S for
every year ending.
Business Purchases, sales, stock and expenditure and
incomes come under profit & loss A/c
Laibilities & assests of the company comes under balance
sheet
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