Answer / Vijendra Pal

P&L Account (Profit and Loss Account) provides a summary of the income and expenses over a specific period, showing the net profit or loss made by the company during that time. It is a forward-looking document as it provides information about the performance of the business for the period just ended. On the other hand, a Balance Sheet (or Statement of Financial Position) provides a snapshot of a company's financial condition at a specific point in time. It shows the company's assets, liabilities, and equity, providing an overall view of what the company owns and owes.

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