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Can we finalize Balance Sheet Without prepare Profit & Loss
Account.
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Answer Posted / asif khan
Hey Without the preparing profit & loss statement we cannot
make the balance sheet becz we dont know the actual
position of the business and in balance sheet we have to
add net profit aur net loss under capital in labilities
side after deduct the drawing and then only we can get the
complete position of the balance sheet and income &
Expenditure with the help we can make the balance sheet but
we cannot know the extract position of the company without
knowing the profit & loss statement and while in audit
people will see the p&l statement , income& expenditure
statement , cash flow , fund flow statement and equity &
debenture of the company then final balance sheet they will
see and tally all the entries so in my point of view profit
& loss statement is very important withour we can't make
the balance sheet .
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