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what is the diffrent between income statement and
balancesheet
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Answer Posted / sreelakshmi
income statement if, an exact form of a profit and loss
account of any concern and normally non-profit making
concerns adopt this format to know their surplus or deficit
for the financial year
whereas, a balance sheet is a final statement which shows
the financial position of the concern revealing its assets
and liabilities along with the profits or loss for the
relevant financial year
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