What is Profit and Loss Account? What is Balance Sheet?
- 4 Answers
- 6752 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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.
| Is This Answer Correct ? | 3 Yes | 0 No |
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
To know more about Practical commerce and taxation pl visit
my favourite website http://therealaccountants.com
| Is This Answer Correct ? | 1 Yes | 0 No |
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
| Is This Answer Correct ? | 1 Yes | 0 No |
sIR, DEAR SIR, WE ARE PREPARING EXPORT INVOICES AT THE TIME OF INVOICE PREPARATION WE MENTIONED EXCISE, EDN CESS AND SH EDN CESS AMOUNT ALSO IS IT CORRECT ARE NOT BUT I THINK WHEN MATERIAL SOLD EXPORT EXCEMPTION FROM EXCISE, EDN CESS AND SH EDN CESS WHICH EVER IS CORRECT. PLEASE CLARIFY MY DOUT. ADVANCE THANKING YOU,
I have interview in Accenture,already anyone attend the interview, kindly gave some information about accounts interview & also about the company.
My company has taken a car Full payment car cheq throw after loan from ICICI Bank, Assume . Plz pass the entry umesh
Regarding vat return,I have 3 units can i return at a time for 3 units vat return only one vat form. Kindly suggetion the same how to do.
What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?
What is goods and what is assets for an organization.if the organization is an educational institute
HOW WE MAKE A RESERVE AND AFTER ITS USE HOW WE NIL IT PLEASE MAKE A PROPER ENTRY.
Hey can any body tell me..What are negative assets?
What other careers are you considering?
How does accounting contribute to the community?
In the income statement we may get profit or loss but the name of the statement was Profit and Loss account Why it was so?
1 Answers Satyaki Educational Academy,
What is creative accounting?
Audit 
