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What is Profit and Loss Account? What is Balance Sheet?
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Answer Posted / srinivas
Every Business COncern wants to know the position of the
company either he gets profit or loss.
In order to know that he want to prepare P& L A/c & B/S for
every year ending.
Business Purchases, sales, stock and expenditure and
incomes come under profit & loss A/c
Laibilities & assests of the company comes under balance
sheet
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