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Can we finalize Balance Sheet Without prepare Profit & Loss
Account.
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Answer / mazahir
no that is impossible,only u can prepeard trial balance
sheet
| Is This Answer Correct ? | 32 Yes | 8 No |
Answer / ethpmba
Then how to balanace, balancesheet figures without
considering the p&l balance.
| Is This Answer Correct ? | 17 Yes | 8 No |
Answer / sai
preparation of total income & expenditure a/c we can
finalize the balance sheet.
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / sajid
P&L account shows the real financial result of an
organisation. One of the components in the BS is to
disclose the profit or loss. This is shown either under the
Reserves and Surplus heading(incase of a profit) or the
Miscellaneous expenditure heading(incase of loss). There is
no way, one can prepare a tallied BS without considering
the P&L results.
Further,from a loical stand point, we must realise that the
impact of P/L should either be on cash,bank or the debtors
or creditors. There has to be an impact. One side of which
is effected in the balance sheet. What about the other.
However, if somebody argues that an IE account or a Rcts&
Pmts account does make up for the P&L; I would not say that
is wrong. That certainly is in the same nature of P&L.
My conclusion is that, we need to have P&L account or its
like (IE account, RP account) to be necessarily prepared to
show a complete financial picture of the organisation.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / sanjeev
no, never, if you are not preparing the p l a/c you will
never know the actual position of your business, (wether it
incresed or decresed )so it is mandetory to prepare the p/l
before finalising the b/l
| Is This Answer Correct ? | 7 Yes | 4 No |
Answer / ujjal
NO . WITH OUT THE PROFIT AND LOSS ACCOUNT OR INCOME AND
EXPENDITURE ACCOUNT IT IS NOT POSSIBLE TO GET THE AMOUNT OF
PROFIT EARNED OR AMOUNT OF LOSS SUSTAINED DURING A
PARTICULAR PERIOD. ITS THE PROFIT WHICH AUGMENTS OR ERODES
THE CAPITAL IN BUSINESS.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / akhil goyal
we can make trail than make p&l all provision this year than
we are finalization a balance sheet
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / lrksvs
During the normal course of business, it is not possible to
finalise Balance Sheet without preparing either Statement
of Profit & Loss or its equivalent for non-profit oriented
organisations ie., Income & Expenditure. However, in
certain typical circumstances, it is possible to finalise
the Balance Sheet without preparing any Statement of Profit
& Loss or its equivalent. For example in case of a Company
which has been recently incorporated and has not started
any commercial operation as its project construction is
still going on as at the end of the financial year, there
may not be any Statement of Profit & Loss or Income
&Expenditure Account, as the entire expenditure is debited
to the project cost and income, if any, is deducted from
the project cost. Therefore, in such a situation, the
Balance Sheet is finalised without preparing any Statement
of Profit & Loss
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / mani
Profit and Loss Account is a financial statement of income
and expenditure and indicates whether money has been made
or lost during the period being reported.
without making the profit & loss A/c we can not make a
Balance Sheet.
| Is This Answer Correct ? | 1 Yes | 1 No |
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