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Can we finalize Balance Sheet Without prepare Profit & Loss
Account.
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Answer Posted / 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.
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