What is trail balance? what is Profit & loss a/c ? what is
Balance sheet?
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Answer Posted / prasad.g
Trail balance:
it is a statement. it is prepared by besed on ledger closing information. it concist of in the debit side all expences, losses & assests. the main objective of preferation of trail balance to know the aurthamatit accurucy of the organization.
profit & loss a/c :
it is a financial statement. it consist of all indirect exp & incoms, poerating & non perating. main object of preparetion of p & l ac to know the net profit possition of the organation.
balance sheet:
it is one of the financial statement. it consist of assets & liabilities. main objective of preparetion balance sheet to know the financial posotion or condation of he organization.
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