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why at the top of P/L a/c we write for the year ending and at the
top of balance sheet we write as on or year ended.
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Answer Posted / h.r. sreepada bhagi
P&L A/c covers all the transactions during an accounting
period or accounting year (Eg. 1st April to 31st march next
year), so the heading appears as P&L A/c for the period
ended (If it's not for a full year), month ended, year
ended, etc.
Whereas the Balance Sheet is prepared as on the last day of
the accounting period or year and it presents the position
of Assets, Liabilities & Networth (Financial Position)of the
business entity as on that date, so the heading appears as
Balance Sheet as on.........
| Is This Answer Correct ? | 34 Yes | 2 No |
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