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What is the difference between balance sheet and profit and
loss account?
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Answer Posted / bhushan nimbarao rane
Balance-sheet is nothing but an financial statement of the co.
It shows the financial position of the co.at the end of
accounting period of every year.It is also known as
statement of assets,liabilities,capital,
debt,debtors,creditors etc..,
from which we can predict the financial position of the co.
The balance-sheet is built on accounting policies &
procedures to make it more easy to understand,it is also
helpful to an auditor for making a report Co's financial
position.
In other words p&l statement is nothing but an
statement of profit & loss @ the end of the year of the
co.the credit side of this statement shows all receipt&
gains & debit side shows all Expenses & losses.Because of
this statement we know the profitability of the co.&also
know the financial position of the co.After calculating net
profit we transfer it to reserve & depreciation in such %&
remaining amt is distributed amongst shareholders of the co.
From the balance-sheet & p&l a/c The co.decides its
future plans &policies.....
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